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Citi to close 16 branches in Greece, axe 170 jobs

US international bank Citigroup is set to slash its branch network in Greece from 37 to 21, following the almost redundant retail banking activity in the country due to the eurozone crisis.

An unidentified spokeswoman for Citi’s Greek operations was quoted by Reuters as saying, "The current business and economic environment requires adaptability… we will focus more on investment, deposit products and credit cards."

As part of its measures to reduce its presence outside Athens and Thessaloniki by almost half, Citi said that about 170 jobs will also be cut that represents a tenth of total workforce in the country.

Having launched its banking business activities in Greece in 1964, Citi did not purchase a domestic lender to date and maintained a reduced presence in the country when compared to other international banks.

The US bank joins other foreign banks such as Credit Agricole and Societe Generale, who have recently disposed of their businesses in the country.