Citi sells more branches to focus on digital

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.

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)

A Finextra member
A Finextra member 05 September, 2014, 03:31Be the first to give this comment the thumbs up 0 likes

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.

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