Citigroup’s EU banking hub recorded balance-sheet growth of more than 12 per cent last year, making it the largest bank in Ireland.
Dublin-based Citibank Europe plc’s total assets stood at $178.6 billion by the end of December, according to its latest annual financial statement, filed with the Companies Registration Office. That was the equivalent of €171.7 billion at the time, based on the prevailing euro-dollar exchange rate, putting it ahead of the €162 billion asset base of Bank of Ireland, which had been the largest bank in the State in recent years.
AIB is the third-largest Irish bank by assets, followed by Barclays Bank Ireland.
Citibank Europe’s assets growth was driven by deposits placed in central banks and other commercial banks, government bonds held as trading assets and investments, and financial derivative instruments.
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The bank, which became Citigroup’s pan-European banking division in 2016, posted a 19 per cent increase in net profit last year, to $2.07 billion, driven by interest income and fees, as well as commissions growth in its services division. This unit includes securities services and treasury and trade solutions aimed at institutional and corporate clients. It employs just under 3,000 in Ireland.
Citibank Europe, which has branches across 21 EU countries, had €37.3 billion of surplus cash on deposit with central banks at the end of last year. It had access to rates of as high as 4 per cent with the European Central Bank (ECB) at certain points during the year, though the ECB’s deposit rate has since fallen back to 2.25 per cent.
The group’s only consumer banking business is in its Polish unit, called Bank Handlowy. Citigroup has been trying to offload the retail part of this bank for some years.
Citibank Europe, led by Ignacio (Nacho) Gutiérrez-Orrantia, continues to monitor effects on trade stemming from tariff policies of the new Trump administration “and potential macro impacts including a slowdown”, it said in the financial report. Citigroup’s country head for Ireland is Davinia Conlan.
Last Friday, US president Donald Trump threatened to impose 50 per cent tariffs on EU goods from the start of June. He had cited frustration, saying talks with Europe were “going nowhere”. However, two days later he said he would delay the tariffs to July 9th to give both sides more time to negotiate. He opted for the delay after having a “very nice call” with European Commission president Ursula van der Leyen.
Citigroup Europe is set to move into new offices being built by Ronan Group Real Estate (RGRE) at Waterfront South Central in Dublin’s north docklands in the second half of next year. The total cost to the bank for the site and construction is estimated at about €300 million.
The bank agreed to sell its existing Liffey-side headquarters in 2023 for about €140 million to RGRE, which aims to redevelop the property after it is vacated next year.
Citigroup chief executive Jane Fraser visited the Irish unit last Thursday to celebrate the banking giant’s 60th anniversary in the Republic. At an event that evening, attended by figures from a number of leading Irish companies, Ms Fraser spoke of the group’s commitment to Ireland and Europe.
