Citi to End Operations in Haiti After 50 Years

By Jace Dela Cruz

Jul 09, 2024 08:40 AM EDT

Citi has decided to end its operations in Haiti, concluding more than 50 years of presence in the country. The decision is due to decreased demand from institutional clients and a decline in international banking activity.

Citigroup Reports $1.8 Billion 4th Quarter Earnings Loss
NEW YORK, NEW YORK - JANUARY 12: The Citibank logo is seen on a bank on Third Avenue on January 12, 2024 in New York City. Citigroup will be cutting 20,000 jobs over the next two years after reporting a $1.8 billion loss for the fourth quarter of last year.
(Photo : Michael M. Santiago/Getty Images)

Citi Ends Banking Operations in Haiti

Citi announced it would cease its banking operations in Haiti and seek voluntary surrender of its banking license, pending Banque de la République d'Haiti (BRH) approval. 

Despite this move, the banking giant is committed to continuing its international and correspondent banking services for existing clients.

READ NEXT: Citigroup to Complete Sweeping Overhaul This Week After Laying Off 5,000 Employees 

Business Review of Citi

This decision follows a business review that highlighted challenges such as low client demand and reduced international activities. Citi noted that this decision will not have a significant economic impact on the bank or its global clients.

Throughout its presence in Haiti, Citigroup has been involved in various financial activities and support for NGOs during times of crisis. However, changing market conditions have prompted this exit, marking the end of Citi's operations in Haiti. 

READ MORE: Citigroup Sells Most Non-US Consumer Businesses as Its Biggest Overhaul Progresses 

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