Citi Reportedly Exiting Asia Payments Business

Citi Bank Asia

Citigroup is reportedly ditching its Asia payments processing business, according to a Reuters report, which cited sources said to be close to the matter.

This move continues Citi’s push out of markets that don’t align with its core operations, which includes evaluating its global plans.

As part of its reported bid to exit the merchant acquiring business, Citi was bringing in around $400 million in revenues. A majority of that business (70 percent) comes from Hong Kong, Singapore and India.

Exiting markets for Citi began in 2005, and it has since slowly put markets on the chopping block. Asia is the last market with its merchant acquiring business. Citi accounted for $2.6 billion in revenues in Asia last year.

Bids for the business are expected to close within weeks, sources told Reuters. Citigroup has not formally commented on the matter.

In February, it was reported that Citi was exiting the Argentina and Brazil retail banking markets. According to reports, this strategy from the top corporate ranks has been focused, as directed by CEO Michael Corbat, on bringing retail operations to a halt in some areas in an effort to reign in operating costs. There were Citigroup exits in other markets south of the United States, including a number in Central and Latin America, such as Peru and Costa Rica.

In late 2015, the bank announced it would restructure several of the bank’s businesses, which included laying off nearly 2,000 employees at the start of 2016. In some markets, Citi has reorganized its retail banking business by combining its retail banking and mortgage operations.


An Ode to Malls as Gen Z Craves IRL Experiences

three teenagers at mall

“The currency of now” takes on a decidedly different form in this poem about the mall’s resurgence. It celebrates the brick-and-mortar comeback fueled by Gen Z’s desire for IRL (in real life) connections and the evolving role of physical space in a digitally-driven world. Join us, with a little help from AI, as we examine this retail revolution, where the “currency” of cool reigns supreme.

Ode to the Mall’s Second Act
A rhyme for the retail renaissance

The tinsel’s gone, the carols now hushed,
New Year’s returns — cashiers mildly crushed.
A sea of sweatpants, gift cards in hand,
The mall’s a vibe unplanned.

But fear not, dear shopper, the story’s not bleak —
The mall’s plotting comebacks, not just peak weak week.

Gen Z’s in the food court, TikTokking their fries,
While swiping through Depop for vintage thigh-highs.

“IRL’s better!” they might say, “No porch pirates, no wait—
Just tag me @Aritzia, I’ll meet you at eight!”
They crave neon selfies, not screens’ pixelated glow,
So malls built a skatepark where a Sears used to go.

Shopify’s merchants now hawk leather and lace
In pop-ups by Simon — no “online-only” space.
Leap powers the kiosks, the QR code deals,
As D2C brands test if foot traffic feels.

Where Macy’s once stood, now micro-lofts bloom:
“Live above Lululemon!” they might chirp. “Bath bombs in every room!”
A dentist, a daycare, a co-working hub —
The mall’s now a Swiss Army knife, scrubbed of ’80s dud.

Mall of America’s got waterslides looping its floors,
While American Dream’s got a ski slope indoors.
“Why choose between Zara and ziplines?” they could grin,
As Nordstrom becomes Saks Fifth within.

Phones glow like fireflies in this retail ballet:
Price checks on Google, then “U up?” on Tinder (hey).

They scan, they compare, they Instagram the ‘fit—
But still buy the jeans ’cause the vibe’s so legit.

So here’s to the mall — that phoenix of bricks!
No longer a relic of cassette tape tricks.
With Gen Z as hypebeast and Shopify’s might,
It’s part TikTok backdrop, part urbanist’s right.

The future’s bright, chaotic, a bit over-leased …
But hey — at least parking’s finally decreased.