Citibank Sells Greek Wealth Management Arm

Stephen Little

17 June 2014

has signed an agreement with Alpha Bank to sell its wealth management arm as well as its retail operation in Greece.

Alpha Bank said in a statement that under the agreement the acquired operations comprise Citi’s wealth management unit, including assets under management of €2.1 billion ($2.85 billion) out of which €1 billion is in deposits and €400 million mainly credit card balances.

As a result of the acquisition approximately 730 employees working for Citi’s retail operations, along with 20 branches, will be transferred to the Alpha Bank network.

Citi said it intends to focus on expanding the services it offers to Greek corporations, financial institutions, shipping, private bank and public sector clients as well as continuing to service its multi-national clients with operations in Greece.

The sale forms part of Citi’s strategy to wind down Citi Holdings by divesting non-core operating businesses and assets portfolios.

"This decision furthers Citi’s global strategy of focusing our resources where we feel we have a competitive advantage, which includes our corporate banking businesses in Greece,” Grant Carson, CEO of Citi Greece said in a statement.

The sale is subject to regulatory and other customary approvals and is expected to close in the third quarter of 2014.