Citi to exit retail banking in 13 markets, including Malaysia

NEW YORK (Bloomberg) -- Citigroup Inc. plans to exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region.

The bank will instead operate its consumer-banking franchise in both regions from four wealth centers in Singapore, Hong Kong, the United Arab Emirates and London, it said Thursday in a statement. The move is part of an ongoing review of the company’s strategy by Chief Executive Officer Jane Fraser, who took over last month.