Citi to serve only corporate, institutional clients

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Citigroup's business in Hungary will continue to operate, but only serve corporate, institutional and SME clients, Citi Magyarország said on Wednesday, confirming an announcement by the parent company a day earlier. The business said it targeted further growth in these areas.

Citigroup said on Tuesday that it planned to exit its consumer business in Hungary and ten other countries around the world. "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 Székesfehérvár (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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