Citibank has agreed to sell its wealth management arm as well as its retail operation in Greece to Alpha Bank.

The sale includes approximately US$600 million in GAAP assets, 480,000 customers, US$1.4 billion in deposits and US$540 million in customer receivables (cards & loans).

Under the agreement, approximately 730 consumer banking employees and the Citi branch and ATM network in Greece will transfer to Alpha Bank.

The sale, which is subject to regulatory and other customary approvals, is expected to close in the third quarter of 2014.

The sale is part of Citi’s strategy to wind down Citi Holdings by divesting non-core operating businesses and assets portfolios in an economically rational manner.

Citi now intends to focus on expanding the services it offers to Greek corporations, financial institutions, shipping, private bank and public sector clients as well as continuing to service its multi-national clients with operations in Greece.

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Commenting on the deal, Citi Greece CEO Grant Carson said: "This decision furthers Citi’s global strategy of focussing our resources where we feel we have a competitive advantage, which includes our Corporate Banking businesses in Greece."