Citi sells more branches to focus on digital

Citigroup has sold a further 41 branches in Texas to BB&T as it looks to cut back on its high street footprint and focus on online services.

1 comment

Citi sells more branches to focus on digital

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Citi sold 21 branches in Texas to BB&T last year and has exited a number of overseas markets where its scale could no longer support the costs of running a bricks and mortar network.

Citi has also been seeking buyers for about 50 branches holding $3 billion of deposits in California, Bloomberg reported in April.

Andrew Brent, a Citigroup spokesman, says: "We see the retail banking industry rapidly evolving beyond a purely branch-based model, and so we will dedicate our resources and investments on a more focused branch footprint in our major urban markets and on expanding our digital channels nationally."

Sponsored [Impact Study] Payment Fraud in 2024: Who is Liable?

Related Company

Channels

Keywords

Comments: (1)

A Finextra member 

Closing expensive brick-and-mortar branches is understandable. One alternative to improve the footprint in a much more less expensive way is the deployment of Video-Teller-Machines operated Micro Branches.

[Webinar] Payment Orchestration: Remaining Relevant in Today’s MarketFinextra Promoted[Webinar] Payment Orchestration: Remaining Relevant in Today’s Market