Greece-based Alpha Bank is engaged in negotiations to purchase certain part of Citibank retail banking business in the country, as part of its strategy to further bolster its presence.
Financial daily Imerisia was quoted by Reuters as saying that both lenders are shaping a strategy, whereby Alpha would buy Citibank’s retail operations and its wealth business.
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Citibank forayed into Greece in 1964 with shipping and corporate lending operations. The bank expanded into retail banking 16 years later and now operates a network of 21 offices across the country.
Alpha Bank, Greece’s fourth-largest lender by assets, is majority owned by bank rescue fund the Hellenic Financial Stability Fund (HFSF).
Many international lenders such as France-based Credit Agricole and Societe Generale are disposing of their operations in the country due to debt crisis.
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