A bank that arrived when the country was a global oil powerhouse is now stepping back
Después de más de un siglo de presencia ininterrumpida en Venezuela, Citigroup ha acordado vender sus operaciones restantes al Banco Nacional de Crédito, poniendo fin a una relación que comenzó en 1917, cuando el país era una potencia petrolera emergente. La salida no es un acto repentino, sino el desenlace de años de presiones acumuladas: sanciones estadounidenses, turbulencias políticas y una economía que fue vaciándose de sus posibilidades. Lo que cierra no es solo una sucursal bancaria, sino un testigo institucional de cien años de historia venezolana.
- Citigroup, que sobrevivió golpes de Estado, crisis cambiarias y décadas de inestabilidad, no pudo sostenerse ante la combinación de sanciones estadounidenses y el colapso económico venezolano.
- La plantilla del banco se redujo de unos 700 empleados hace una década a menos de 100 hoy, una contracción que refleja el vaciamiento gradual de sus operaciones en el país.
- Un episodio crítico con el Banco Central de Venezuela —que amenazó con forzar la venta de oro dado en garantía— evidenció cuán insostenible se había vuelto la situación para Citigroup.
- La venta al BNC ya cuenta con aprobación regulatoria y se espera que se cierre en cuestión de semanas, con los empleados restantes recibiendo ofertas de continuidad laboral en la entidad compradora.
- Para el BNC, la adquisición representa una oportunidad de absorber una cartera de clientes consolidada y fortalecer su posición en un mercado donde la banca extranjera lleva años retirándose.
Citigroup abandona Venezuela. Desde 1917, cuando abrió sus primeras sucursales para atender a empresas internacionales atraídas por el petróleo venezolano, el banco neoyorquino había sobrevivido a décadas de convulsiones políticas y económicas. Ahora, tras acordar la venta de sus operaciones restantes al Banco Nacional de Crédito, cierra ese capítulo. El acuerdo ya tiene luz verde regulatoria y se espera que se concrete en pocas semanas.
La salida no fue abrupta. Fue el resultado de presiones que se acumularon durante años: las sanciones estadounidenses contra Venezuela, el deterioro del entorno económico y episodios como las negociaciones con el Banco Central venezolano, que pusieron a Citigroup en la difícil posición de tener que vender oro entregado como garantía en un contrato de permuta de divisas. La señal era clara: continuar operando allí se había vuelto insostenible.
Hoy, el banco emplea a menos de 100 personas en el país, frente a las cerca de 700 que tenía hace una década. A esos trabajadores se les ofrecerá la posibilidad de incorporarse al BNC, que opera alrededor de 120 sucursales y ve en la adquisición una oportunidad para ampliar sus servicios a empresas venezolanas y multinacionales.
Ernesto Torres Cantú, director de Citigroup para América Latina, subrayó que el banco mantiene su compromiso con la región. Pero el simbolismo es difícil de ignorar: una institución que llegó a Venezuela cuando el país era una potencia en ascenso, y que resistió todo lo que vino después, ahora se retira. La transacción con el BNC es, también, una medida de cuánto ha cambiado Venezuela —y el mapa financiero del hemisferio.
Citigroup is leaving Venezuela. After more than a century of banking in the country—since 1917, when the New York-based firm first opened branches to serve international companies drawn to the oil-rich region—the bank has agreed to sell its remaining operations to Banco Nacional de Crédito. The deal has already cleared regulatory hurdles and is expected to close within weeks, the two companies announced on Monday.
The exit marks the end of a long and complicated tenure. Citigroup had weathered decades of political turbulence and, more recently, the weight of American sanctions against Venezuela. The bank continued to operate throughout, serving both individual customers and institutional clients. But the pressures mounted. Years ago, negotiations with Venezuela's central bank put Citigroup in a precarious position: the bank faced the possibility of having to sell gold that had been pledged as collateral for a currency swap contract. That episode signaled how untenable the situation had become.
Today, Citigroup employs fewer than 100 people in Venezuela—a sharp decline from a decade ago, when the company's website listed around 700 workers there. Those remaining employees will be offered the chance to stay on with BNC, according to people familiar with the arrangement who spoke on condition of anonymity because the details remain confidential.
Banco Nacional de Crédito, which operates roughly 120 branches, six regional headquarters, and an office in Curaçao, sees the acquisition as an opportunity to deepen its reach. The bank plans to use Citigroup's client relationships and infrastructure to expand its offerings to Venezuelan companies and multinational corporations operating in the country. For BNC, the deal represents a chance to absorb an established customer base and strengthen its position in a market where foreign banks have been steadily retreating.
Ernesto Torres Cantú, Citigroup's chief executive for Latin America, said in a statement that the company remains committed to the region and will maintain a strong presence elsewhere. The language is careful—a reminder that while Citigroup is closing one chapter in Venezuela, it is not abandoning Latin America as a whole. But the symbolism is hard to miss. A bank that arrived in Venezuela when the country was a global oil powerhouse, that survived coups and currency crises and political upheaval, is now stepping back. The sale to BNC is not just a transaction. It is a marker of how much has changed—for Venezuela, for American banks operating there, and for the hemisphere's financial landscape.
Citas Notables
Citi is committed to Latin America and will maintain a strong presence in the region— Ernesto Torres Cantú, Citigroup CEO for Latin America
La Conversación del Hearth Otra perspectiva de la historia
Why did Citigroup stay in Venezuela for so long, even as things got worse?
They had deep roots there—over a century of relationships with major companies and clients. Leaving isn't simple when you've been embedded that long. But the sanctions and the central bank pressure eventually made it unsustainable.
What was the gold collateral situation about?
Venezuela's central bank essentially forced Citigroup into a corner on a currency swap deal. The bank had to consider selling gold it held as security. That's when you know the relationship has broken down—when the government is squeezing you for assets.
So this isn't really about BNC being a better bank?
Not at all. BNC is acquiring Citigroup's client list and branch infrastructure. For BNC, it's a way to serve multinational companies without building from scratch. For Citigroup, it's an exit.
What happens to the workers?
Fewer than 100 people work there now. They're being offered jobs at BNC. A decade ago there were 700. So most of the workforce was already gone—the real bleeding happened years before this announcement.
Is this the end of American banking in Venezuela?
Not entirely, but it's another retreat. When major banks like Citigroup leave, it signals that the environment is too difficult. Other foreign banks have already gone. Venezuela is becoming more isolated from the global financial system.