Citigroup to Exit Haiti After Five Decades

Citigroup announced it will wind down operations in Haiti due to weak demand from institutional clients and lower international banking activity, ending over fifty years of presence in the country.

This exit is part of a broader strategic review and is not expected to significantly impact Citi economically, the bank stated on Monday.

Under CEO Jane Fraser, who took over in 2021, Citigroup has been exiting noncore markets to enhance profitability and focus on businesses with better returns. This strategy also includes plans to exit its consumer unit in Mexico, slated for an initial public offering in 2025.

Citi will voluntarily surrender its banking license in Haiti, pending approval from the Banque de la Republique d’Haiti, the country’s central bank. Despite the withdrawal, Citigroup will continue to provide international and correspondent banking services to existing clients.

The bank did not disclose the number of employees affected by this decision but reaffirmed its commitment to the Latin American market.

Citi, one of the largest banks in the United States, has been restructuring to catch up with peers whose profitability has outpaced its own. The bank’s focus remains on overhauling operations to maximise returns from its core businesses.

Citigroup did not immediately respond to requests for additional comments.