By Michael Dabaie


Citigroup Inc. said Ahli United Bank B.S.C. agreed to acquire its consumer banking business in Bahrain.

The deal includes the retail banking, credit card and unsecured lending businesses, but excludes Citi's institutional businesses.

Citi said it remains committed to serving institutional clients in Bahrain locally, regionally and globally."

It said it expects the transaction on closing will make a small contribution to the previously announced release of about $7 billion of allocated tangible common equity over time from the exit of its consumer franchises in 13 markets in Asia Pacific and Europe, Middle East and Africa.

Citi consumer employees and employees supporting the consumer business will be offered employment from AUB upon close of the proposed transaction, Citi said.

The firm in 2021 said it planned to focus its global consumer bank presence in Asia and Europe, the Middle East and Africa on four wealth centers: Singapore, Hong Kong, the UAE and London. As a result, Citi said it planned to exit its consumer franchises in 13 markets across the two regions.


Write to Michael Dabaie at michael.dabaie@wsj.com


(END) Dow Jones Newswires

04-04-22 1300ET