American banking giant Citigroup is planning to shift its European retail banking headquarter to Dublin from London.
UK-based business Citibank International, which operates a small number of branches across some 20 European countries, would be taken over by Dublin-based Citibank Europe, the bank wrote to clients.
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"From a strategic perspective for Citi, moving to a single pan-European bank is expected to reduce operational and regulatory complexity, capital requirements and cost," the letter read.
However, the change in the retail bank’s legal domicile and principal regulatory base will not involve job cuts and the management of the European retail operation will continue to operate from London.
A spokeswoman for the bank said: "The primary reason (for the move) is simplification, mirroring Citi’s strategy of creating a simpler, safer, stronger institution."
