Citi's record quarter in Asia

Asia is becoming increasingly important to the US bank as it continues to withdraw from high-cost businesses globally.

Citi has posted its highest-ever quarterly revenue in Asia as the US bank continues to withdraw from high-cost businesses globally.

The bank announced late Tuesday that it was exiting consumer banking in a further 11 markets, including Japan, reducing these to 24 half of which are now in Asia. It withdrew from five other markets in 2012.

As the bank re-aligns its businesses globally to reflect areas in which it can be more competitive, Asia on the whole continues to prove its importance to the group.

Citi said its net income in Asia in the three months to September-end was 39% higher at $1.1...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222