Citigroup plans to close three of its four London branches , including one at Canary Wharf, as it moves its customers towards online banking.
The branch at Cabot Place will close on April 21 but it is understood the flagship branch in Canada Square, which was only recently refurbished and relaunched, will remain for the time being. Two other locations will go at St Paul’s and Hanover Square.
“We are transforming the way we serve our customers and moving our focus to serve you in digital ways through Citi Online and our enhanced Citi Mobile UK App,” the banking group told customers in an email.
The lender will continue to operate the Citigold and Citigold Private Client Centre at its European headquarters in Canary Wharf.
“We will close three branches with formats and locations that do not fit our market strategy,” a Citigroup spokeswoman said.
Citigroup has been gradually reducing its branch network as more customers move online and the bank’s revenue is squeezed.
Office space to rent
Meanwhile, it is understood that the bank also plans to sublease office space at its 25 Canada Square building.
Bloomberg quotes sources as saying that space the equivalent to three football pitches has been put on the market. A spokesman for Citigroup declined to comment.
The brokers will market 170,000 square feet of office space in the 1.2 million square foot tower at 25 Canada Square.
The bank leases the tower and the neighbouring 33 Canada Square building, which together make up its European headquarters and it subleases to other tenants, including HSBC.
Rental prices and deals have come under pressure in recent months as corporations look to increase their presence in continental Europe ahead of Brexit.
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