Citigroup to exit consumer business in Hungary
Citigroup plans to exit its consumer business in Hungary and ten other countries, the US banking group said yesterday, after posting good third-quarter earnings. The bank said this is a strategic move to focus on the 24 markets that bring it the most revenue and added that it would continue business services here.
The other country in the region that Cit is leaving is Czech Republic. "Active sales processes are underway for the majority of the businesses, and subject to market conditions and regulatory and other approvals, the strategic actions are currently expected to be substantially completed by year-end 2015," Citigroup said.
Citigroup's Institutional Clients Group (ICG) will continue to serve clients in the affected markets, Citigroup said. Citi Magyarország closed three of its branches outside of Budapest in September, leaving the bank with nine branches in the capital and one in Szekesfehérvár (northwestern Hungary). The closures are in line with Citi's global strategy to better conform to clients' habits and needs, the bank said before shuttering the branches.
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