The American bank CITIBANK, present in several countries worldwide, announced that it intends to leave their consumer business in 11 markets, including Panama. This is caused by a restructuration that is going through the company, which seeks to accelerate the transformation of Consumer Banking.

Gogetit Highlights

* CITIBANK is a major American bank that is operating in the country almost since its founding.

* The purpose of the restructuring of the markets in which Citi will be, is due to focus on those markets where it has the largest scale and growth potential.

*The businesses affected include consumer franchise in the following countries: Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama, Peru, as well as the consumer finance business in Korea.

Panama is one of the eleven countries that will suffer the restructuring of CITIBANK. According to a statement issued by the bank, ” today, Citi announced strategic measures to accelerate the transformation of the Global Consumer Banking, to focus on those markets where it has the largest scale and growth potential.”

According to information published by the information portal Capital Financiero, Citibank, an American bank with many years of operation in the country, reported that “sales processes are underway in most of the businesses affected, and it is expected that strategic measures are largely completed by the end of 2015, subject to market conditions and regulatory approvals. “

Importantly, from the first trimester of 2015, these businesses will be reported as part of Citi Holdings, to provide greater transparency to the existing business in Citicorp “. The bank, in its release, said that “Panama is still an important market for Citi, which will continue to provide service to our corporate banking customers.”

According to the statement, “during this period, there will be no change in the way it serves banking customers”. Consumer operations, including all branches and offices will continue to operate as they currently do. The Institutional Clients Group of Citi will continue to operate in more than 160 countries and jurisdictions.

Read more information here (article in Spanish).

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Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.