Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Citibank, the largest foreign bank in Greece intends to close 16 branches, mainly in the countryside, and 170 - 200 employees will be made redundant.
According to media sources US-based Credit company Citibank decided on November 20th, 2012 to reduce its activity in Greece by closing down 16 branches. Citibank will keep the remaining 19 in Athens and 2 in Thessaloniki in order to adapt its commercial network to the current economic situation. While its physical presence will be significantly scaled down, the bank intends to strengthen its Investment package, Credit card and Internet banking schemes.
According to the sources, the bank will extend the health insurance of the redundant employees. The dismissals will be implemented using a voluntary departure scheme.
Citibank has the longest presence in the Greek market of any foreign bank, dating back to 1964 and it is currently considered the largest foreign bank in Greece. Citibank Greece employs more than 1,200 people and operates two core Greek Corporate and Shipping offices, as well as a solid Consumer bank network with over 700,000 customers.
Eurofound (2012), Citibank, Closure in Greece, factsheet number 74542, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74542.