Citigroup (C) to cease operations in Haiti

Citi (NYSE: C) announced today that it will cease its operations in Haiti and pursue the voluntary surrender of its banking license, with the approval of Banque de la République d’Haiti (BRH). However, international banking and correspondent banking services will continue for existing clients.

This difficult decision is part of a strategic business review done against client segments and market conditions and was made in part due to diminished international activity and lower institutional client demand in the country. This decision will not have a material economic impact to Citi, nor to its international clients. Citi has maintained a presence in Haiti for more than 50 years. It has played a significant role in helping companies, institutions, individuals, and communities in the country achieve their financial objectives, in addition to promoting investments and other activities that have contributed to the country's growth. Citi has also supported NGOs delivering critical services to the country during times of crisis.

Citi remains committed to Latin America and maintains a strong presence in the market, where it has operated for over a century and built an unmatched network to serve its clients.

Citi would like to thank its colleagues in Haiti for their dedication and exceptional performance, as well as our clients for their partnership over the years.

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