Citi to End Operations in Haiti After 50 Years
By Jace Dela Cruz
Jul 09, 2024 08:40 AM EDT
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Jul 09, 2024 08:40 AM EDT
Citi has decided to end its operations in Haiti, concluding more than 50 years of presence in the country. The decision is due to decreased demand from institutional clients and a decline in international banking activity.
Citi announced it would cease its banking operations in Haiti and seek voluntary surrender of its banking license, pending Banque de la République d'Haiti (BRH) approval.
Despite this move, the banking giant is committed to continuing its international and correspondent banking services for existing clients.
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This decision follows a business review that highlighted challenges such as low client demand and reduced international activities. Citi noted that this decision will not have a significant economic impact on the bank or its global clients.
Throughout its presence in Haiti, Citigroup has been involved in various financial activities and support for NGOs during times of crisis. However, changing market conditions have prompted this exit, marking the end of Citi's operations in Haiti.
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