Citigroup to exit consumer business in Hungary

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Citigroup plans to exit its consumer business in Hungary, the US banking group said on Tuesday, after posting third-quarter earnings. Hungary is one of eleven countries in which Citigroup will part with its consumer businesses. The other country in the region is the Czech Republic. “Active sales processes are underway for the majority of the businesses, and subject to market conditions and regulatory and other approvals, the strategic actions are currently expected to be substantially completed by year-end 2015,” Citigroup said. Citigroup’s Institutional Clients Group (ICG) will continue to serve clients in the affected markets, Citigroup said.