Citibank Planning To Leave Hungary
- 15 Oct 2014 9:00 AM
Citibank announced on Tuesday that it will withdraw from the retail banking markets in Hungary and ten other countries around the globe. The sale of these divisions is under way in most of the affected countries and will be completed in 2015 in all of them, the US-based bank group said.
Chairman and CEO Michael Corbat said Citigroup will concentrate its activities on markets with higher size and growth potential, where a higher return can be realised.
Citibank started retail banking operations in Hungary in 1995. Since January 2009, the local unit has been an affiliate of Citibank Europe, headquartered in Ireland.
Source: Hungary Around the Clock
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