LEIPZIG, Germany - Citibank Privatkunden AG, the retail banking unit of Citicorp's German holding company, said it intends to expand its branch network in eastern Germany while reducing the number of its west German outlets.

The parent, Citibank Beteiligungen, will spend $31 million to $44 million "medium term" to raise the number of eastern German branches to 40 from the current seven, spokesman Folkert Mindermann said. The bank has a retail market-share goal of 1% in the east.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.