CitiBank to close all branches in Egypt: A response from CitiEgypt's CEO

Responding to our story CitiBank to close all branches in Egypt from November 4th, CEO of Citi Egypt Nadir Shaikh has sent the following statement. It has been printed here as-is.

Citi remains committed to maintaining an on-the-ground presence in Egypt, where we have been since 1955, to serve our institutional clients doing business here.

In line with Citi’s global business practices, we routinely review our client coverage model to ensure we are focused on those clients who benefit most from our unique international platform. These reviews typically result in the exit of relationships with a small number of clients who we feel would be better served by alternative providers. In those few cases, we do everything in our power to ensure a smooth transition.

Meanwhile, we continue to serve retail customers at our branches in Egypt without any change or interruption, and this is in line with what we’ve already stated in previous communication.