Citibank has decided to end its consumer business in Hungary, claiming it did not offer the company sufficient opportunities for growth. It made the announcement at the same time as it published its 3rd quarter figures for 2014, which showed better than expected revenues. Citibank is closing its operation in 10 other countries as a part of “strategic actions to accelerate the transformation of Global Consumer Banking (GCB) by focusing on those markets where it has the greatest scale and growth potential.” Hungary’s not the only country losing Citibank, as 10 others were on the list, including the Czech Republic, Egypt, Japan, Panama and Peru. Portfolio.hu reports that Citibank in Hungary turned a HUF 10.6bn profit in 2013 and that it maintained 9,100 private banking accounts, managing assets of over HUF 200bn.
