23 May 2015

Citi sells more branches to focus on digital

03 September 2014  |  4635 views  |  1 citi bank

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.

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."

Comments: (1)

Ulrich Rosenbaum - GRGbanking - Guangzhou | 05 September, 2014, 03:31

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.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

26 August, 2014
07 August, 2014
14 July, 2014
08 July, 2014
01 July, 2014
27 May, 2014
23 May, 2014
19 May, 2014
03 April, 2014
25 March, 2014
26 February, 2014
28 January, 2014
16 January, 2014

Related company news

 

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
6472 views comments | 48 tweets | 31 linkedin
MasterCard launches personal payments serv...
5716 views comments | 15 tweets | 26 linkedin
US banks bid to crack down on 'card cracki...
5424 views comments | 8 tweets | 10 linkedin
UK opts out of European online payments se...
5384 views comments | 18 tweets | 15 linkedin
Metro Bank to offer consumer loans via Zop...
4595 views comments | 29 tweets | 20 linkedin

Featured job

up to £100K base, £200K OTE, benefits
London, UK

Find your next job