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Citibank says goodbye to Haiti

Port-au-Prince, July 9 (Prensa Latina) Weak demand from institutional clients and a decline in international banking activity forced Citibank to say goodbye to Haiti, after more than five decades of operations.

According to the Gazette Haiti News site, the departure is part of a strategic review and will not have a significant economic impact on said entity.

One of the guidelines of Citibank CEO Jane Fraser is to abandon non-essential markets, and Haiti met this requirement.

Such a policy will allow Citibank to gain profitability and return to competition in the banking sector, the source stressed. “CitiBank will voluntarily renounce its banking license with the approval of the Bank of the Republic of Haiti, but international and correspondent banking will continue for existing clients,” said a statement from the institution.