The bank said the sale of the businesses was underway in the majority of the markets affected. Citi expects the sales to be substantially complete by the end of 2015.
NEW YORK: Citigroup said on Tuesday that it will bow out of the retail banking business in 11 markets as part of its ongoing effort to restructure and slim down since the financial crisis.
Citi said the markets impacted would primarily be in smaller countries in Latin America: Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru. It will also exit the consumer banking business in Egypt, Japan, the Czech Republic, Hungary and Guam.
The bank said the sale of the businesses was underway in the majority of the markets affected. Citi expects the sales to be substantially complete by the end of 2015.
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