Citigroup disposal of Egypt retail banking business

Overview:

• Citi has sold its consumer banking operations in Egypt to Commercial International Bank.
• With this sale, Citi intends to focus on its institutional banking services. 
• This includes eight Citi branches and the ATM network in Egypt.
• The firms did not disclose the deal value. 
• In 2014, Citi announced its intentions to exit consumer banking in 11 countries.
• In addition to Egypt, these countries were Costa Rica, Czech Republic,  El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru.

Rani Mehta - Journalist