By Business & Finance 
Pictured: Citibank Europe plc. Image source.
Citibank Europe plc, Citigroup’s EU banking hub based in Dublin, has become the largest bank in Ireland after recording more than 12% balance-sheet growth last year. The bank also reported a 19% increase in net profit, supported by higher interest income, fees, and commissions.
Citibank Europe, based in Dublin, boasted total assets of $178.6 billion (€171.7 billion) at the end of December, according to its latest annual financial statement. The growth put it ahead of Bank of Ireland, which had €162 billion in assets, followed by AIB and Barclays Bank Ireland.
The increase was driven by deposits placed in central banks and commercial banks, investments in government bonds, and financial derivatives. The bank’s net profit rose to $2.07 billion, supported by interest income and fees, along with growth in its services division, which provides securities services and treasury and trade solutions to institutional and corporate clients.
Citibank Europe employs just under 3,000 people in Ireland and operates branches across 21 EU countries. At the end of 2024, the bank held €37.3 billion in surplus cash deposited with central banks.
Founded in 2016 as Citigroup’s pan-European division, Citibank Europe continues to expand its operations from Dublin under the leadership of Ignacio (Nacho) Gutiérrez-Orrantia, with Davinia Conlan serving as country head for Ireland.
Citigroup plans to move into new offices at Waterfront South Central in Dublin’s north docklands next year, in a project developed by Ronan Group Real Estate and valued at around €300 million. The bank has sold its current Liffey-side headquarters for approximately €140 million.
Citigroup CEO Jane Fraser visited Dublin last week to mark the 60th anniversary of the group’s presence in Ireland, highlighting the company’s continued commitment to Ireland and Europe.
Read More FDI of the Month:
