Citigroup Shuts Its Egyptian Branches Until Further Notice and 2 More Heavily Traded Stocks to Follow
Citigroup Inc. (NYSE:C): Current price $50.43
After receiving instructions from the Central Bank of Egypt, Citi has closed all its branches in the troubled country. The branches will remain shut until the firm gets further word from CBE to act to the contrary. All the financial institutions, including Egypt’s stock exchange, have been ordered to stay closed for this week because of the violence. Citigroup began operating in Egypt in 1975 and have been offering consumer and institutional banking services since that time. Currently, it has 9 branches across the country with 650 employees and a net investment of $250 million there.