Could this be one of the consequences of the visit of Prime Minister Conille, who did not hide his “satisfaction” upon his return to Port-au-Prince on Saturday?
CITIGROUP INC.C ▲ +1.09%
Reuters reported on Monday that Citigroup will shut down its operations in Haiti due to weak demand from institutional clients and a decline in international banking business, ending a more than 50-year presence in the country now plagued by “planned” violence by terrorist gangs.
The withdrawal is part of a strategic review and will not have a significant economic impact on Citi, the bank said Monday.
Citi, one of the largest banks in the United States, has been exiting non-core markets since Jane Fraser became CEO in 2021.
To catch up with competitors whose profitability has surpassed that of Citi, the bank has reorganized its operations and refocused its activities on sectors offering the best returns.
The bank is also exiting its consumer unit in Mexico, which is expected to go public in 2025.
Citi will voluntarily relinquish its banking license with the approval of the Banque de la République d’Haïti — Haiti’s central bank. However, international banking and correspondent banking services will continue for existing clients, Citi said.
The bank did not disclose how many employees would be laid off as part of the move, but said it remained committed to Latin America.
Citi did not immediately respond to Reuters’ further requests for comment.
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