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Citi to sell Bahrain consumer business


Citigroup Inc agreed to sell its consumer banking business in Bahrain to Ahli United Bank (AUB) for an undisclosed sum, the US bank said, 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 billion.