Citi shifts UK personal banking and wealth management business focus to select wealth clients
Citi Group has announced that it is proposing to focus its UK personal banking and wealth management business on select wealth clients, effectively closing down its retail banking services to the general public.
This proposal would enable Citi to focus on clients requiring comprehensive advice on managing their wealth and would benefit from Citi’s key strengths in private banking and investment services.
Clients of Citi’s UK retail bank who meet this profile would be invited to make use of Citi’s private banking services, where they would enjoy the benefits of a broader product range and more bespoke service, including transaction banking.
Citi’s UK retail banking business would wind down operations if this proposal is implemented. Citi would support those clients not transitioning to its Private Bank as they transition to a provider of their choice.
Should this proposal be implemented, the overwhelming majority of clients would not be affected until 2023 and Citi would ensure all account closures are made in line with the relevant Terms & Conditions and regulatory requirements.
Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal. No final decision can be taken until that process concludes.
Citi’s UK retail bank is small, comprising a single branch at its EMEA headquarters in Canary Wharf. Given the limited presence, this proposal will be managed by the existing UK wealth business. If implemented, this proposal would have immaterial financial impact to Citi.