Citi’s UK consumer operation to focus on Citi and Egg business

Citi’s UK consumer operation to focus on Citi and Egg business
Citi’s UK consumer operation is to focus on growing consumer business through the Citi and Egg brands and stop new lending through its Future Mortgages and CitiFinancial portfolios.

This business realignment reflects Citi’s recently announced global focus of allocating capital to the best opportunities for growth. From Wednesday 21 May 2008 the bank will stop offering new loans by Future Mortgages, its intermediary mortgage operation, and its CitiFinancial personal loans business.

Bert Pijls, Business Manager for Citi’s UK consumer business, said: “Following a strategic review of the consumer business in the UK, Future Mortgages and CitiFinancial were not identified as areas for strategic growth. By proposing to focus resource on our Citi and Egg brands we are reflecting Citi’s global strategy and creating a platform for expansion in the UK personal finance market.”

He added: “We are committed to ensuring that staff who are potentially impacted by these proposals are treated fairly and made aware of all the options open to them.”

The bank is proposing to close both the Doxford office and CitiFinancial’s loan centres and is consulting with staff about the implications of these proposals.

CitiFinancial and Future Mortgages existing customers’ accounts will continue to receive the same standards of service during and after the consultation process.

The terms and conditions of existing loans and repayment agreements are unaffected.
Notes to editors:

CitiFinancial is a full spectrum lender focusing mainly on supplying intermediary led unsecured personal loans; it has less than 1% of current UK market share.
Future Mortgages is Citi’s intermediary secured loans operation and offers first and second secured loans through mortgage brokers and advisers and has less than 1% of current UK market share.
This announcement does not affect Egg products and services, which are offered online and direct to consumer.
About Citi and Egg

Find out more about Citi and Egg’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at http://www.citibank.co.uk/?merchant=citi and www.egg.com.

About Citi

Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.

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