Citibank Thailand to close

[Oxx]

It's been reported that Citibank is going to close its retail banking operations in 13 countries, including Thailand.  Bad news for some, I suspect.

 

https://en.yna.co.kr/view/AEN20210415010800325

 

 

[Brierley]

"we don't have the scale we need to compete".

[SiamRead]

I for 1 will lose the benefits of Free Fee for transfer of funds within the Citi network. ????

[Kwasaki]

As long as there exchange rates stay competitive and not affect my UK pension Is guess it won't affect me. 

[kralledr]

If they really close down, why a new branch just opened here in hua hin?!

[Etaoin Shrdlu]

26 minutes ago, kralledr said:

If they really close down, why a new branch just opened here in hua hin?!

Citibank is looking to sell its operation in Thailand instead of actually closing and I understand that there is interest on the part of other banks. Until sold, Citibank would likely continue to execute the business plans that were in place on the local level prior to the sale so as to either maintain or increase the value of the operation in order to get the best sale price. 

 

Other than the branch at Asoke in Bangkok, I think all of the other Citibank locations are only allowed to provide limited service to their credit card and loan customers as foreign banks are limited to having only one full-service branch in the kingdom.