Citigroup has announced that it will cut its consumer banking services in 13 countries as part of an ongoing strategic review.

The impacted countries include: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Instead, the bank will focus its consumer presence in Singapore, Hong Kong, UAE, and London.

Citigroup’s Institutional Clients Group will continue to serve clients in these markets.

“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” said Jane Fraser, chief executive at Citi. “We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong Kong, UAE and London.”

The Citi boss said that this positions the bank to capture the “strong growth” and attractive returns that the wealth management business offers in these hubs.

“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Fraser added. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”

Citigroup also announced a net income for the first quarter 20201 of $7.9 billion, compared to $2.5 billion in the same period last year.

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