PORT AU PRINCE, Haiti, CMC — Citi, one of the largest banks in the United States, has announced that it will cease its operations in Haiti after 50 years there.

In a statement, Citi (Citibank) said it would “pursue the voluntary surrender of its banking licence, with the approval of Banque de la République d’Haiti (BRH)” and that international banking and correspondent banking services will continue for existing clients.

It said that this “difficult decision” to leave Haiti is part of a strategic business review done against client segments and market conditions and was made in part due to diminished international activity and lower institutional client demand in the country.

“This decision will not have a material economic impact to Citi, nor to its international clients. Citi has maintained a presence in Haiti for more than 50 years.

“It has played a significant role in helping companies, institutions, individuals, and communities in the country achieve their financial objectives, in addition to promoting investments and other activities that have contributed to the country’s growth. Citi has also supported NGOs delivering critical services to the country during times of crisis,” the statement added.

The bank said it would like to thank “its colleagues in Haiti for their dedication and exceptional performance, as well as our clients for their partnership over the years”.

Media reports said that Citi has left noncore markets since CEO Jane Fraser took the helm in 2021 and in a bid to catch up to peers whose profitability has outpaced Citi’s, the bank overhauled its operations and sharpened its focus on businesses that offer the best returns.

The bank is also exiting its consumer unit in Mexico, which is set for an initial public offering in 2025.

It did not disclose how many employees would be dismissed as part of the move, but said it remained committed to Latin America.