RAM: Citibank Bhd’s AAA rating unaffected by consumer business exit

RAM also pointed out Citibank will operate on a leaner balance sheet after exiting the consumer banking business, typical of a wholesale bank.

KUALA LUMPUR: Citibank Bhd’s planned exit of its consumer banking business in Malaysia will not affect its AAA/Stable/P1 financial institution ratings, RAM Ratings said on Wednesday.

“Subsequent to our recently concluded assessment of the move, we are of the view that Citigroup Inc’s (the group) propensity to provide parental support to the bank remains strong given the bank’s strategic importance to the group’s operations despite the planned withdrawal from the consumer banking business,” it said.