Strategic decision regarding Citi's positioning in Romania

Publish date: 06-12-2012
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Citigroup has today announced from New York a series of actions to reduce expenses and improve efficiency across the company. This global repositioning includes several markets where the bank will significantly scale back its consumer operations.

For Romania, Citi has taken a strategic decision to focus on its corporate and commercial banking businesses, where the bank will leverage its global network to offer value added services to its clients.

It is therefore considering strategic alternatives, including a potential sale, as part of the global strategy announced today. 

While we have a strong and fast growing portfolio in the country, in the current economic environment we will not achieve the scale and profitability the company needs, fast enough. It's more feasible to reinvest our efforts in our corporate and commercial banking where the bank can grow in Romania. 

During this time, there will be no change in the way we serve our consumer banking customers and in the way we manage the consumer business.

We would like to underline that this decision does not affect Citi's commitment to Romania which stretches back to 1996. In the forthcoming period, the bank will continue to grow its business operations for corporates, financial institutions and commercial banking clients in Romania.

Citibank Romania

Citi has been present in Romania since 1996 and provides high-quality financial products and services to national and international companies, small and middle enterprises, the public sector, non-profit organizations and individuals. 

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Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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