Citi to shut nearly half of network in Greece
November 22 , 2012
Citigroup announced on Wednesday it is to shut half of its branch network in Greece due to the country's ongoing debt crisis.
Citi, the last major international bank with a nationwide presence in Greece, will close all branches outside Athens and Thessaloniki, cutting its network to 21 branches from 37.
The move is expected to result in 170 job losses, around a tenth of the lender's total workforce in the country.
"The current business and economic environment requires adaptability... we will focus more on investment, deposit products and credit cards," a spokeswoman for Citi's Greek operations said.
Several foreign banks, including Credit Agricole and Societe Generale, have sold Greek businesses bought during the country's economic boom when lending expanded at double-digit rates after Greece's entry into the eurozone.