A source with knowledge of the matter told Reuters that the company’s latest move to sell its CitiFX Pro unit is part of a strategy to streamline the currency trading operation.
Citigroup has already trimmed its currency business in recent years and also rationalised its institutional client base since 2015 beginning in the ‘prime broking’ sector.
Industry website financemagnates.com initially reported the company’s sale proposal, the news agency said.
According to the website, the sale comes at a time while other banks are thinking about reinvesting in currency trading drawn by boost in volumes as well as returns in 2014.
Citigroup’s online foreign exchange market trading platform CitiFX Pro serves retail and small institutional traders including commodity trading advisors, broker-dealers, money managers, and hedge funds. The service gives professional individual traders and smaller institutional players access to more than 130 currency pairs on several platforms.
In August 2014, Citigroup announced plans to exit retail banking in various markets such as Japan, while retaining its corporate and investment banking and trading businesses in the country.
Image: Citigroup Center building at 500 W. Madison St Chicago in US. Photo: courtesy of Jarred Trost
