Raiffeisen to buy Citibank's Czech retail banking unit
Raiffeisen Bank has agreed to purchase Citibank Europe's retail banking and credit card businesses in the Czech Republic, with completion of the transaction expected in 1Q2016. Citibank reportedly plans to focus on Czech corporate, institutional, and commercial clients, whilst Raiffeisen Bank said in a statement that it wants to "grow in selected markets which are in a strong position to generate sustainable returns.... the Czech market is one of those, as it offers a stable economic and legal framework".&nbsp;
Citigroup has agreed to sell its retail banking and credit card businesses in the Czech Republic to Austria's Raiffeisenbank.

Financial terms were not disclosed, although Citigroup said the proceeds would be immaterial to its operations.

The deal involves Citi's retail banking and cards business, consumer banking employees, branches and ATMs in the Czech Republic.

The agreement is Citi's latest move to unload consumer banking businesses outside the U.S. that are part of its Citi Holdings unit. Citi has also sold, or agreed to sell, banking units in Hungary, Panama and Costa Rica.

Citibank will continue to serve corporate and public sector clients in the Czech Republic as well as multinational companies with operations there.