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Citigroup to Discontinue Some Bank Operations in Venezuela

  • Venezuelan President Maduro calls plans ‘a financial blockade’
  • Bank remains committed to doing business there, spokesman says
Updated on

Citigroup Inc. said it plans to discontinue some banking operations in Venezuela, a move the country’s president described as a “financial blockade.”

The lender has decided to stop correspondent banking and servicing some accounts in the South American nation, New York-based Citigroup said in an e-mailed statement. The firm said the decision “is not a reflection of our commitment” to the country, and that it will continue discussions with the administration of Venezuela President Nicolas Maduro.