Citi sells more branches to focus on digital
03 September 2014 | 6388 views | 1
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."