Citi to slash Greek network

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Associated Press

Posted on November 21, 2012 at 11:05 AM

Updated Wednesday, Nov 21 at 12:04 PM

ATHENS, Greece (AP) — U.S.-based Citigroup 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.

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.

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