Citibank, After more than 50 years, Citigroup Inc., an American multinational investment bank, announced on Monday, July 8, 2024, the upcoming cessation of its operations in Haiti.
“Citibank announced today that it will cease operations in Haiti and pursue the voluntary surrender of its banking license, with the approval of the Bank of the Republic of Haiti (BRH). However, international banking and correspondent banking services will continue to be provided to existing clients,” read a statement posted on the official website of the New York-based financial services company.
“This difficult decision is part of a strategic review of the business based on client segments and market conditions. It was made in part due to the decline in international activity and the decline in demand from institutional clients in the country,” Citigroup explained, arguing that this decision will not have a significant economic impact on Citi or its international clients.
“Citi remains committed to Latin America and maintains a strong presence in the market, where it has operated for more than a century and has built an unmatched network to serve its clients. Citi would like to thank its colleagues in Haiti for their dedication and exceptional performance, as well as our clients for their partnership over the years,” the press release concluded.