Citi to End Small Biz Banking in Singapore

The bank will shut its consumer unit serving small businesses in Singapore in mid-August.

Citibank has decided to close its Citibusiness unit, which will affect some 2,000 customers, following an ongoing strategic review of the business.

About 20 to 30 staff will be affected by the changes, a bank spokesperson said, saying that Citi would be re-allocating its resources and our people to support other growth areas and sharpen its client focus.

Citibusiness, which serves small-sized businesses, is part of its consumer banking division. The bank will continue to serve small and medium-sized enterprise (SME) clients through Citi Commercial Bank.

Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business, the spokesperson said.

Citi recently announced that it is considering downsizing its consumer business worldwide, with an eye on selling some of its businesses in the Asia Pacific region.

At the same time, the U.S.-headquartered bank has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

It aims to double its wealth management market share in Singapore from the current 5 percent, and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.