Frustrating battle for market share

Challenging times: The Citigroup Inc building in Sydney. Citigroup plans to exit retail banking in 13 markets across Asia, Europe, Middle East and Africa region. — Bloomberg

SINGAPORE: Citigroup Inc’s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia’s largest economies despite plowing in billions of dollars over the past decade.

Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.