Citigroup to open new retail branches in Europe, report reveals

29 November 2010

Citigroup is to open a number of new retail branches as part of a renewed strategy of growth in Europe, a newspaper has reported.

According to the Financial Times, the financial services provider is winding down some of its operations in Spain and Greece as part of returning bail-out funds to the US government.

However, according to individuals familiar with the matter and cited by the news provider, the bank is planning on launching a slimmer network of flagship outlets in key European territories as a way of streamlining its business presence.

Branches in the UK, Germany and France are predicted with these new outlets expected to make up a global network of 100 key cities for the bank, the FT reported.

An unnamed source told the news provider: “Further down the road, we will open up in key cities in Western Europe. 2011 is a potential turning point.”

The news follows recent developments for the bank in Asia-Pacific where it recently launched its first Smart Banking branch in Singapore.

New features include interactive touch screen panels for information access, video-conferencing with analysts and advisors and media walls.

By Jim Ottewill

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