Clarification: CitiFinancial
The four consumer finance businesses in Asia of Citigroup that will be managed by Citi Holdings, and which may be for sale, are all units of CitiFinancial rather than wider consumer banking businesses that remain part of the good bank, to be known once again as Citicorp.
The four business units of CitiFinancial affected are Japan, India, Thailand and Hong Kong.
Citi points out that the bank defines consumer banking as the full suite of banking products and services on offer including deposits, wealth management, credit cards, mortgages and personal loans, with this group of products primarily focussed on the prime segments.
Consumer finance, as defined by Citi, refers to lending to below-prime segments and it is in this market segment that Citi has used the CitiFinancial brand to segregate this segment from other consumer lending activities.