“It is not clear when the bank will sell its consumer banking business in Taiwan, but we will ensure that the rights of its clients, employees and consumers are protected,” Chuang said. Yesterday, the Financial Supervisory Commission said it has been informed by Citibank Taiwan Ltd (花旗台灣) about its parent company’s latest decision and that the bank would find a buyer for its consumer banking business in Taiwan.Ĭitibank Taiwan chairman Paulus Mok (莫兆鴻) told the commission that exiting Taiwan’s consumer banking market was a global strategy by its parent company and “had nothing to do with Taiwan’s business environment,” Banking Bureau Director-General Sherri Chuang (莊琇媛) said. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.” “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Fraser said. The withdrawal came as Citigroup reported record quarterly profit of US$7.94 billion, or US$3.62 per share, boosted by the flurry of blank-check companies it helped take public in the first quarter. The firm would continue to offer products in those markets to customers of its institutional clients group, which houses the private bank, cash-management arm, and investment-banking and trading businesses.
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