Lamees Negm, vice chairman, Citibank – Egypt has denied the media reports that the bank requested its clients to withdraw their deposits and savings from the bank and terminate their accounts before December 7, in preparation of liquidating the bank’s operations in the Egyptian market.
In a phone call with Anadolu Agency (AA), the official added that Citibank Egypt, a unit of U.S. Citibank in the North African country, is continuing with its operations and is providing personal loans, credit cards and is receiving new clients.
Negm described the exit news as baseless.
The management of U.S. parent decided in mid-October to divest some of its retail operations in the Egyptian market, the official said, adding that such a move is based on the group’s strategy and is not related to the conditions of the Egyptian market.
In a phone call with Anadolu Agency (AA), the official added that Citibank Egypt, a unit of U.S. Citibank in the North African country, is continuing with its operations and is providing personal loans, credit cards and is receiving new clients.
Negm described the exit news as baseless.
The management of U.S. parent decided in mid-October to divest some of its retail operations in the Egyptian market, the official said, adding that such a move is based on the group’s strategy and is not related to the conditions of the Egyptian market.
Source:
Mubasher
