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    Tuesday, July 9, 2024

    Citigroup Will Discontinue its Operations in Haiti after Half a Century

    Citigroup has made the strategic decision to cease its operations in Haiti, concluding a significant presence that has endured for five decades.

    Citigroup has made the decision to discontinue its operations in Haiti after careful consideration. This decision was reached due to a combination of factors, including a decline in demand for services from institutional clients and a reduction in international banking activity. As a result, Citigroup will be winding down its presence in the country, which spans more than five decades.

    The bank announced on Monday that the exit is part of a strategic review and will not have a material economic impact on Citi.

    Citigroup, a prominent financial institution in the United States, has undergone a strategic shift under the leadership of its Chief Executive Officer, Jane Fraser, since her appointment in 2021. This shift has involved the divestment of non-core markets, aligning the bank’s focus on its core competencies and optimizing its global footprint.

    In order to achieve parity with competitors who have surpassed Citi’s profitability, the bank has undertaken a comprehensive restructuring of its operations, prioritizing business segments that demonstrate the most favorable returns on investment.

    The bank is also divesting Its consumer division in Mexico, which is scheduled for an initial public offering in 2025.

    Citi will voluntarily relinquish its banking license with the consent of Banque de la Republique d’Haiti, Haiti’s central bank. International banking and correspondent banking services will, however, persist for current clients, Citi confirmed.

    The company did not disclose the number of employees who will be affected by this decision, but it reaffirmed its commitment to the Latin American market.

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