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Citigroup, which has spent the past few years rethinking its undersized U.S. branch network, on Friday unveiled plans to reformat its physical locations, starting this year in Miami. Executive William Howle explained the changes in an interview.
March 14 -
Citigroup has agreed to sell a majority of its interest in a private-equity fund to Lexington Partners.
August 1 -
Citigroup issued quarterly results that pleased the market by simply not being as bad as they could have been. Yes, Citi spent $7 billion to settle a mortgage securities probe, and there are still more legal costs coming. But some segments strengthened, suggesting Citi may have hit bottom and has nowhere to go but up.
July 14
Citigroup has agreed to sell its remaining 41 branches in Texas to BB&T, in an ongoing effort to trim its branch network.
The $188 billion-asset BB&T will pay a 5.3% deposit premium, or approximately $122 million, for the branches, which are located in Dallas, Houston and the Midland-Odessa area.
The deal includes $2.3 billion in deposits and $87 million in loans. It is expected to close in the first quarter.
The acquisition also continues
Citi said that its branch network in Texas "did not provide the scale to capture future growth and market share in traditional retail banking," and that it intends to focus instead on major urban markets elsewhere and digital banking. It plans to continue its corporate and investment banking, credit card, mortgage and other business in Texas.
The deals reflect a continuing effort by big banks to shed their retail branches. Bank of America, for instance, has sold hundreds of branches in recent years, particularly
BB&T operates more than 1,800 branches in 12 southern and eastern states, as well as the District of Columbia. Citi will have about 800 branches in the U.S. after the deal announced Wednesday closes.
