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Citibank to close 31 branches in Greece

Δημοσίευση 26 Νοεμβρίου 2010, 10:43 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Citibank to close 31 branches in Greece
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Citibank announced a large scale restructuring of its activities in Greece closing 31 branches out of a total of 72 branches in its network in the country.

Citibank announced a large scale restructuring of its activities in Greece closing 31 branches out of a total of 72 branches in its network in the country.

A bank announcement said the decision was part of a general strategy for the restructuring of its presence in Greece amid a current economic crisis which has affected the main sectors of the domestic banking market, particularly retail banking. The aim is for the bank to focus on operations with comparative advantage, such as asset management and credit cards, where Citibank has a leading share in the market. Citibank said the program did not envisage dismissals in its workforce but a voluntary retirement plan.

Citibank embarked on an ambitious expansion of its retail network in Greece with the aim to surpass 100 branches, but decided to change its strategy in view of adverse economic developments in the country.

Citibank established its operations in Greece in 1963 offering banking services to shipping companies and corporate business. In the 1980s it began expanding in the retail banking business