Citibank Belgium has announced that it will change its name to Beobank on 21 May.
The bank had been part of Crédit Mutuel Nord Europe (CMNE), one of the largest banks in Northern France, since 30 April 2012 when it was acquired from Citigroup.
The letters "Be" refer to Belgium while the "O" stands for optimism, said the bank in a statement.
Citibank has received negative press coverage in Belgium in recent years due to its involvement in the distribution of Lehman-backed structured products and the subsequent collapse of the American investment bank.
This led to a Belgian court ruling that Citibank Belgium misled its clients. The bank was fined €165,000 and a director received a suspended fine of €412.50. However, the bank was eventually acquitted by the court of appeal in Brussels.
Citibank Belgium has 80 products with a sales volume of €537.9m (€6.7m per product) listed on SRP's Belgium database. Of these, 14 products - worth €117.5m (€8.4m per product) - had Lehman Brothers as the counterparty provider.
After an absence of almost two years, Citibank returned to the Belgian structured products market in January this year with the seven-year, Stoxx Global Select Dividend 100 linked High Dividend Stocks Certificate, a product hedged by BNP Paribas Arbitrage.