Citigroup to cease operations in Haiti after 50 years

by Admin
Citigroup to cease operations in Haiti after 50 years

Citigroup will wind down its operations in Haiti due to weak demand from institutional clients and lower international banking activity, ending its presence of more than five decades in the country.

The exit 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 left noncore markets since CEO Jane Fraser took the helm in 2021.

To catch up to peers whose profitability has outpaced Citi’s, the bank overhauled its operations and sharpened its focus on businesses that offer the best returns.

The bank is also exiting its consumer unit in Mexico, which is set for an initial public offering in 2025.

Citi will voluntarily surrender its banking license with the approval of Banque de la Republique d’Haiti — Haiti’s central bank. International banking and correspondent banking services, however, will continue for existing clients, Citi said.

It did not disclose how many employees would be dismissed as part of the move, but said it remained committed to Latin America.

Citi did not immediately respond to Reuters’ requests seeking additional comment.

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