The central bank of the Czech Republic has approved Raiffeisen Bank International’s acquisition of Citibank Europe’s retail banking and credit card businesses in the Czech Republic.
The deal, which was signed in September 2015, had already received green light from the Czech anti-monopoly office.
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As per the terms of the agreement, Citi’s consumer banking employees, branches and ATMs in the Czech Republic will be transferred to Raiffeisenbank.
As of the end of the first half of 2015, Raiffeisen operated with 125 business outlets in the Czech Republic and has approximately 2,700 employees.
The sale is part of the Citi’s strategy of divesting non-core operating businesses and assets, and streamlining operations to 24 markets with highest growth potential.
In the future, Citibank intends to focus on Czech corporate, institutional and commercial clients.
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