Citi has signed an agreement with Alpha Bank to sell its consumer banking business in Greece along with its Diners Club of Greece SA credit card operations. The sale includes approximately $600 million in GAAP assets, 480,000 customers, $1.4 billion in deposits and $540 million in customer receivables (cards & loans). Approximately 730 consumer banking employees and the Citi branch and ATM network in Greece will transfer to Alpha Bank. The sale, which is subject to regulatory and other customary approvals, is expected to close in the third quarter of 2014.

New focus

Citi intends to focus on expanding the services it offers to Greek corporations, financial institutions, shipping, private bank and public sector clients as well as continuing to service its multi-national clients with operations in Greece.

The sale represents another step in Citi’s strategy of winding down Citi Holdings by divesting non-core operating businesses and assets portfolios in an economically rational manner.

"This decision furthers Citi’s global strategy of focussing our resources where we feel we have a competitive advantage, which includes our Corporate Banking businesses in Greece” said Grant Carson, CEO of Citi Greece. “Citi has been in Greece for 50 years, and intends to invest in our business to better serve our local and global clients. We believe this transaction benefits our Greek consumer customers, partners and employees. We recognize their contribution to the rich Citi Greece heritage and we thank them for their longstanding support.”