Citigroup to close bank branches in Greece
Sean Gallup/Getty Images
ATHENS, Greece U.S.-based Citigroup (C) says it will close 16 of its 37 bank branches in Greece, citing the country's recession-hit "business and economic environment" - becoming the latest overseas lender to cut back its Greek operations.
A statement from Citi Greece said it would maintain outlets in Athens and Thessaloniki, the country's second largest city, while branches in nine regional cities and towns would close.
- Greek PM presses for deal on loan
- Greece fine tunes its austerity as it awaits bailout
- Moody's downgrades French government bond rating on weak growth
French lenders Credit Agricole and Societe Generale both recently announced plans to sell their Greece subsidiaries, as the country heads into a sixth year of recession.
Citi currently has regional branches in Corinth, Halkida, Iraklio, Larissa, Kalamata, Kastoria, Kavala, Patras and Volos.
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1 Comments Add a Comment
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- Actually the press release actually said, "Well, we've got pretty much all the money that could be sucked out of the country and with the currency and credit default swaps that we engineered, they mostly just owe us more -- so why not start the process of leaving?
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