Citigroup Shuts Portion of its Greek Operations: Financial Business Review

Citigroup (NYSE:C) announces that it will close around 50 percent of its branch network in Greece as that country’s debt crisis has just about shut retail banking activity down. The bank will close all its branches outside of Athens and Thessaloniki, according to a Wednesday statement, which added that ,”The current business and economic environment requires adaptability…we will focus more on investment, deposit products and credit cards.” Facing the same difficulties, foreign banks such as Société Générale (SCGLF.PK)(SCGLY.PK) and Crédit Agricole (CRARF.PK)(CRARY.PK) have divested the Greek businesses they acquired during the economic boom there, following Greece’s entry into the Eurozone.

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