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Citi plans to add 200 new U.S. branches

April 18, 2011

Citigroup Inc (C.N) is planning to add 200 U.S. branches over the next three years and may expand into Seattle and Atlanta, a spokesman confirmed on Friday.

The lender plans to add about 100 branches in California and New York, and another 100 elsewhere in the country by the end of 2013, according to Citigroup spokesman Sean Kevelighan.

The expansion was first reported by Bloomberg News.

With the total number of bank offices in the United States dropping to 98,505 in 2010 from 99,540 in 2009 (per the FDIC), it is interesting to see Citi’s branch network going in the complete opposite direction.  I would think the alternatives to branch banking created by the advent of new technologies would motivate Citi to invest these resources more heavily in other areas – like mobile banking.  As the FMSI teller-line study shows (click here to download for free) the branch transaction volume has dropped considerably over the past 10 years.

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