Citibank announced a large scale restructuring of its activities in Greece closing 31 branches out of a total of 72 branches in its network in the country.

A bank announcement said the decision was part of a general strategy for the restructuring of its presence in Greece amid a current economic crisis which has affected the main sectors of the domestic banking market, particularly retail banking.

The aim is for the bank to focus on operations with comparative advantage, such as asset management and credit cards, where Citibank has a leading share in the market.

Citibank said the program did not envisage dismissals in its workforce but a voluntary retirement plan.