June 24, 2024

Citi to sell Bahrain consumer business to Ahli United Bank

Citigroup Inc agreed to sell its consumer banking business in Bahrain to Ahli United Bank BSC (AUB) for an undisclosed sum, the U.S. bank said on Monday, as it exits retail operations in 13 markets across the globe.

The deal includes Citi’s retail banking, credit card and unsecured lending businesses in Bahrain but excludes institutional businesses.

Citi said its employees in the consumer bank and those working to support it will be offered employment with AUB once the transaction closes.

The deal is expected to close in the second half of this year.

Citigroup’s decision to sell the consumer bank in Bahrain is part of Chief Executive Jane Fraser’s strategy to bring the bank’s profitability and share price performance in line with its peers.

Last week, Citi agreed to sell its India consumer banking arm to local private lender Axis Bank for $1.6 bln.

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