Citibank to drop consumer banks in struggling South America

Citibank to drop consumer banks in struggling South America

BOGOTA, Colombia (AP) — Citibank is seeking to sell the consumer banking operations it has operated for a century in Argentina, Brazil and Colombia as South America’s three biggest economies suffer a downturn. The bank is also planning to support cryptocurrency owners and include their digital assets in its  operations very soon. As bitcoin trading is becoming highly popular, the number of crypto users have dramatically increased. The use of bitcoin robots like the bitcoin profit app has been proving beneficial to many bitcoin traders.

The New York-based bank said Friday in a statement that its decision was prompted by a desire to allocate resources where it can generate the best returns. It said it would still continue servicing corporate clients in the countries.

Citibank opened its first foreign branch in Argentina in 1914. Shortly later it added affiliates in Brazil and Colombia.

The bank in 2014 dropped consumer banking in 11 other Latin America nations.

The slowing of China’s economy has plunged all three economies into an economic down spiral with Brazil is in its deepest recession since the 1930s.

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