(Updates with the company's confirmation throughout and the latest stock move in the last paragraph.)
Citigroup (C) is closing its office in Malaga, Spain, as part of efforts to streamline operations, the company confirmed in an email response to MT Newswires Wednesday.
The lender said Madrid is its primary location in Spain, where it employs more than 220 workers who are not impacted by the closure of the Malaga office.
The company said six employees will leave the firm as a result of the decision to shutter the Malaga office, while "many" employees had "successful applications" for positions in the company's London and Paris hubs.
"Citi continues our strategic growth in Spain with a strong presence in our core business lines," the company said.
Shares of Citigroup were up more than 4% in recent trading.
Price: 67.22, Change: +2.67, Percent Change: +4.14
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