Citigroup Pulls Out of Haiti After Five Decades

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Citigroup announced its decision to cease operations in Haiti, marking the end of its presence in the country after more than five decades. The move comes as a result of weak demand from institutional clients and reduced international banking activity, factors that have led to a strategic review by the bank.

According to Citigroup, the decision to exit Haiti is part of a broader effort to streamline operations and focus on businesses that deliver stronger returns. Since CEO Jane Fraser assumed leadership in 2021, Citigroup has been restructuring and exiting non-core markets to enhance profitability and competitiveness.

The bank clarified that winding down its operations in Haiti will not pose a significant economic impact. It plans to voluntarily surrender its banking license with approval from Banque de la République d’Haiti, the country’s central bank. Despite the closure, Citigroup will continue to provide international banking and correspondent banking services to its existing clients.

Citigroup is also in the process of exiting its consumer unit in Mexico, preparing for an initial public offering scheduled for 2025.

While the bank did not disclose specific details about the number of employees affected by the Haiti exit, it affirmed its ongoing commitment to the Latin American region. Citigroup has yet to respond to requests from Reuters seeking further comment on the matter.