|
This
week the bank wrote to clients to say the UK-based business,
Citibank International Limited, which operates a small number of
branches across some 20 European countries, would be taken over
by Dublin-based Citibank Europe Plc.
"From a strategic perspective for Citi, moving to a single
pan-European bank is expected to reduce operational and
regulatory complexity, capital requirements and cost," the
company told clients.
Analysts said UK rules that require banks to hold a higher level
of cash in reserve than other European countries do was likely
to be a factor behind the move but that they did not expect to
see a stream of other banks leaving the UK.
"The primary reason is simplification, mirroring Citi’s strategy
of creating a simpler, safer, stronger institution," a
spokeswoman for the bank said.
She said the move would not lead to any job losses.
(Editing by Greg Mahlich)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
