Citigroup (NYSE: C) is selling its consumer banking business in Greece as it part of its ongoing plan to scale back its operations in certain foreign markets.
The company said Friday that has an agreement to sell its branch network in Greece, along with its Diners Club of Greece credit card operations, to Alpha Bank. A sale price was not disclosed.
Alpha Bank would gain 20 branches, roughly $600 million of assets, $1.4 billion of deposits and $540 million in customer receivables in the deal, which is expected to close next quarter. Citi's 730 branch employees and roughly 480,000 retail customers will be transferred to Alpha Bank, the companies said.
"We welcome Citi's retail customers and employees to Alpha Bank and are looking forward to further diversifying and enhancing our product and service offering to our valued customer bases," Demetrios P. Mantzounis, Alpha Bank's CEO, said in a news release.
Citi intends to retain its corporate banking operations Greece and said in the news release that it would focus on expanding the services it offers to Greek corporations, banks, private- and public-sector clients and multi-national clients with operations in Greece.
"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," said Grant Carson, chief executive of Citi Greece, said in a press release.
The Greek consumer operations are part of Citi Holdings portfolio that the banking giant has been winding down through the sale of "non-core" business lines domestically and internationally. Last year, for example, it sold its Brazilian credit card and consumer finance business to Banco Itau Unibanco.