Citigroup said Tuesday that it plans to exit consumer businesses in 12 countries.
The affected businesses include the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea, the company said in a news release Tuesday.
The moves are expected to be completed by the end of next year.
"I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders," Citigroup Chief Executive Michael Corbat said in the release. While the company has "made progress optimizing" those consumer markets, it "will achieve stronger performance by focusing on the countries where our scale and network provide a competitive advantage."
The streamlining move is part of Citi's effort to narrow its focus to 100 in the U.S. and top emerging markets "where we have the greatest scale and growth potential," Manuel Medina-Mora, the CEO of its global consumer banking unit, said in the release.
