(Yicai Global) April 16 -- Citigroup will continue investing in China by forming a securities firm and a futures company after deciding to end a nearly two-decade period of offering personal banking services to locals.

The US parent of Citibank will focus on wealth management amid its global restructuring by exiting 13 consumer banking markets, including South Korea, Malaysia, and India, the New York-headquartered company said in a release yesterday.

Citigroup didn't disclose more details about its securities and futures endeavors in China. Citibank started offering services to Chinese depositors in 2002.

The reorganization does not involve Citibank’s corporate and institutional client business in China's mainland which remains a key part of its global strategy and business development, it added.

Citigroup has obtained many permits in China, including those for fund custody, futures margin deposits, and interbank bond settlement. In 2003, it was one of the first firms to secure a permit to act as a Qualified Foreign Institutional Investor custodian.

Citigroup will operate its consumer banking franchise from Singapore, Hong Kong, the United Arab Emirates, and London, said Chief Executive Jane Fraser.

"While the other 13 markets have excellent businesses, we don't have the scale we need to compete," said Fraser. "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," she added.

Citigroup will conduct the restructuring program prudently and properly to minimize the impact, the firm noted.

Editor: Emmi Laine, Xiao Yi