Citi to Exit Retail Banking in 13 Markets Across Asia, Europe

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  • Bloomberg Markets and Finance published this video item, entitled “Citi to Exit Retail Banking in 13 Markets Across Asia, Europe” – below is their description.

    Apr.15 — Citigroup Inc. has announced their plans to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa. The bank will instead operate its consumer-banking franchise from four wealth centers in Singapore, Hong Kong, the United Arab Emirates and London. Bloomberg’s Nabila Ahmed reports on “Bloomberg Daybreak: Asia.”

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    In This Story: Hong Kong

    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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    Singapore, officially the Republic of Singapore, is a sovereign island city-state in maritime Southeast Asia.

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    The United Arab Emirates, sometimes simply called the Emirates, is a sovereign state in Western Asia located at the eastern end of the Arabian Peninsula. It borders Oman and Saudi Arabia, and has maritime borders in the Persian Gulf with Qatar and Iran.

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