The US-based arm of CitiFinancial is to close
more than 300 of its 1,833 branches and stop offering loans at
another 182 outlets, as it ramps up its efforts to sell the
consumer finance division.
As part of Citi’s plan, CitiFinancial is
separating its US business into two segments: CitiFinancial’s full
service branches and CitiFinancial servicing.
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“The full service branches will continue to
focus on originations and servicing of personal, refinance, and
home equity loans through a streamlined branch network that
provides the breadth of service CitiFinancial customers have come
to expect,” said Citi in a statement.
Citigroup also said it would rename
CitiFinancial by the end of the year.
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