The Straits Times
Published on Nov 21, 2012

Citi to close nearly half of branch network in Greece


ATHENS (REUTERS) - Citigroup will 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 spokesman for Citi's Greek operations said.