ECONOMY

Citibank turns into bank of two cities in Greece

US lender Citibank is sharply reducing its activity in Greece, with sources saying that it intends to shut down all its branches outside of Athens and Thessaloniki.

If the sources are right, this means that the bank will be closing some 16 branches around Greece. It is also starting a voluntary exit program aimed at cutting its staff by 200 employees.

After the closure of those branches, Citibank’s network in Greece will be reduced to just 21 branches – 19 in Athens and two in Thessaloniki.

Since the start of the crisis and the deterioration of financial conditions, the American credit company has been following a policy of containing its activities in this country, starting with the retail banking sector.

Citibank’s decision comes in the aftermath of the departure from Greece by France’s Credit Agricole and Societe Generale.