Citigroup Inc is to shut almost half its branch network in Greece, where retail banking activity has dried up because of the country’s debt crisis.
Citi, the last major international bank with a countrywide presence in Greece, will cut its network to 21 branches from 37 by shutting all branches outside Athens and Thessaloniki, it said in a statement on Wednesday. About 170 jobs will go, nearly 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.
(source: economictimes)
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