CitiBank Reducing Branches in Pakistan !

The economic meltdown hits CitiBank in Pakistan and CitiBank Pakistan which is Branch office of CitiBank NA one of the largest Banks in the world with head quarter at New York, USA, has decided to reduce their number of branches from 23 to 18 subject to State Bank approval. In total 5 branches are being closed that are located in Multan, Sialkot, Gujranwala, Jhelum and Hyderabad. The CitiBank Pakistan Country Manager and Managing Director Arif Usmani made a following note on the annoucement:

“While the closure of our branches and the resulting inconvenience to our customers in these cities is regretted, we have taken this difficult decision in the greater interests of our franchise in Pakistan.

We need to direct our human and financial capital and our distribution channels (whether physical or virtual), towards a more streamlined and sustainable business model. We are consolidating our business into a more efficient network of branches, phone banking and state-of-the-art online banking services in line with our ‘clicks not bricks’ strategy.”

And he further added

“Citi’s customers with accounts at these branches have been individually contacted and been provided with detailed written instructions about their options, which include, transferring their accounts to one of Citi’s 18 other branches, located in Karachi, Lahore, Rawalpindi, Islamabad and Faisalabad.”

[ via Business recorder ]