Citi sells China wealth business as part of international consumer retreat

) is winding down another piece of its consumer banking empire outside the US in the latest step by CEO Jane Fraser to simplify America's third-largest bank.

Two months after Fraser became CEO in 2021, Citigroup first announced plans to exit fourteen consumer franchises in Asia, Europe, the Middle East, Africa and Mexico. The bank has since closed eight of these franchises, including Australia, Malaysia, India and Taiwan.The bank plans to close the sale of its consumer operations in Indonesia before the end of 2023, a Citigroup spokeswoman said.

Citigroup was down more than 1% in Monday morning trading. Since the beginning of 2023, the stock has declined more than 11%, hitting its lowest price in three years last Tuesday.In September, Fraser laid out a corporation-wide reorganization that she called the "most consequential" change to how Citi operates in nearly two decades.

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