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CitiBank to close all branches in Egypt

November 4, 2014 at 2:31 pm

CitiBank in Egypt has written to its customers asking them to withdraw their savings and deposits and close their accounts before December 7 ahead of the bank liquidating its activities in the country.

In letters addressed to its customers today, the bank said it is not going to continue providing banking services in Egypt and will close customers’ accounts on December 7.

It explained that customers’ savings will be paid to them in cash or by cheque after deductions of any sums due to the bank.

With regards to foreign currency deposits that exceed the maximum daily cash withdrawal determined by the central bank, CitiBank explained that the money will be paid in cash over several days following the closure of the account. It pressed on its customers to visit any of its branches prior to December 7 in order to transfer their funds to other bank accounts in Egypt.

In a previous statement, CitiBank Group said that it decided to liquidate individual banking services in 11 countries as part of its efforts to expedite the process of restructuring its activities. The bank’s plan encompasses the markets of Costa Rica, the Czech Republic, Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Peru, South Korea and Egypt.