Citigroup to close bank branches in Greece

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.

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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.