Citi Thailand remains committed to the local market and growing with its institutional clients, says the company's country head Tibor Pandi.
He said the bank would continue its investment and leadership in providing best-in-class solutions to institutional clients, despite its exit from consumer banking across 14 global markets, including Thailand.
"This is where our focus will be and this is where we're investing resources to support client-led growth," said Mr Pandi.
He said in every country where Citi exited consumer banking, the bank was doubling down on its institutional clients and not considering departures from these markets.
In Thailand, the bank leads the market across its institutional businesses, said Mr Pandi.
In the segment, Citi supports clients such as local companies, banks, asset managers, multinational corporations (MNCs), governments and state-owned enterprises with a broad range of financial products and services, including corporate and investment banking, foreign exchange, securities services and transaction services.
On Nov 1, Citigroup announced the completion of the sale of its Malaysia and Thailand retail banking and consumer credit card businesses to United Overseas Bank Ltd (UOB) subsidiaries, which includes the transfer of more than 3,000 related staff.
The transaction is expected to result in a capital benefit to Citi of more than US$1 billion, according to its announcement.
Citi and UOB first announced the transaction on Jan 14, 2022, as part of a broader sale agreement covering consumer banking across Malaysia, Thailand, Vietnam and Indonesia, and excluding the bank's institutional businesses.
The sale of the Vietnam and Indonesia consumer businesses are expected to be completed in 2023.
Since announcing its plan to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico, sales agreements have been signed in nine markets. Transactions have closed in four markets, comprising Australia, the Philippines, Thailand and Malaysia.
Mr Pandi expects Citi to enjoy significant business growth in Thailand this year, supported by the economic recovery.
Next year, Citi Thailand's overall business growth is expected to reach double-digit territory, in line with increasing client activity.
He said clients were increasingly using the bank's regional and global network as well as more products, indicating the bank is meeting client needs.
This growth projection assumes the global macroeconomic situation is somewhat steady and current geopolitical conflicts will not deteriorate to such an extent that people are stopped from investing and trading, said Mr Pandi.
More foreign companies are keen to come to Thailand to do business, while local firms are interested in making overseas investments, he said.
The bank's priority is to connect Thai clients to its network in 95 markets and support MNC investment and growth in Thailand, said Mr Pandi.
He said a number of economic challenges remain for 2023, despite his optimism about Citi Thailand's business outlook.
Recently the Bank of Thailand said while the local economy will face more challenges next year amid global uncertainties, its recovery remains on track.
The central bank predicted GDP growth of 3.3% this year, rising to 3.8% in 2023.
The uncertainties include interest rate hikes around the world, rising inflation and geopolitical risks, the central bank said.
Mr Pandi said Citi Thailand remains committed to implementing environmental, social and governance (ESG) principles in its everyday business practices.
He said the adoption of ESG by its clients had been driven by global warming.
Citi is partnering with many of its clients on the transition to net-zero carbon emissions, said Mr Pandi.
