[DR1] Citibank confirms sale to Scotiabank

[NewsWhore]

Citibank has announced the sale of its personal banking operations in the Dominican Republic to Scotiabank. Citibank will continue to serve its corporate clients. Whitney MacEachern, the head of Citibank's regional offices in Miami, told Listin Diario that "the country (the Dominican Republic) is very important to us." MacEachern also sent the newspaper a copy of the bank's press release. Yesterday evening one of the local papers had reported that Scotiabank had taken over all of Citibank's operations in the DR, including corporate clients, deposits and branch offices. MacEachern told the Listin reporters that Personal Banking was essentially the bank's credit card operations. The acquisition of this part of Citibank's operations consolidates Scotiabank's position as the fifth largest bank in the Dominican Republic, with 57 branch offices, 75 ATM machines and over 1,000 employees.

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