Citi Greece Sells its Retail Banking Activities to Alpha Bank

Citi Greece on Friday announced the signing of an agreement to sell its retail banking services to Greek bank, Alpha Bank, including its Diners Club Greece branch. This deal includes 480,000 clients and gross assets worth 600 million US dollars (430 million euros), deposits worth 1.4 billion US dollars (1.0 billion euros) and other card debts and loans worth 540 million US dollars (400 million euros). Citi’s 730 employees in the retail banking network (including ATMs) will be transferred to Alpha Bank.  The deal is expected to be completed in the third or fourth quarter of 2014. Citi Greece said it will focus in activities such as expanding services to large Greek enterprises, financial institutions and to clients in the shipping, private banking and public sectors. The bank will continue offering its services to multinational clients in Greece. “Τhe sale is another step of Citi’s strategy to focus its resources to sectors in which the bank has a competitive advantage, which in the case of Greece is large enterprise banking,” Grant Carson, Citi Greece chief executive said in an announcement. “Citi is operating in Greece for the last 50 years and plans to invest in the organization to better service its domestic and international corporate clients,” he added. Citi and Alpha Bank will work together for the smooth completion of this deal and to safeguard the high-quality services offered to clients.

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