Citibank Egypt won’t get back into local retail operations

Citibank Egypt is not planning to renter into retail banking activity in Egypt, its country officer Mohamed Abdel Kader said.

In 2015, Egypt’s Commercial International Bank, the country’s largest private-sector bank, has acquired Citibank Egypt’s retail operations.

Citigroup is streamlining its global retail banking operations to focus on corporate and investment banking and other services, he added.

He further noted that his bank is committed to give out 20 percent of total loans portfolio set by the central bank of Egypt to the Small and medium enterprises.