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CITIBANK ANNOUNCES BANKING LICENSE FOR MOSCOW OFFICE

 MOSCOW, Oct. 28 /PRNewswire/ -- Citibank has received a general banking license from the Central Bank of the Russian Federation, enabling it to upgrade its Moscow representative office to a wholly owned banking subsidiary. The new entity will be operational in the first quarter of 1994.
 William R. Rhodes, vice chairman of Citibank, said today that "our subsidiary in Russia will provide a broad range of banking services to those corporate customers who are increasingly active in that country." He also said: "The government appears determined to follow the path of privatization and also to encourage foreign investment. Citibank can play a constructive role in the creation of a modern banking system, particularly through the introduction of advanced technology and international banking skills."
 Citibank's Russian operation will be able to offer ruble and foreign currency financing and serve both Russian and foreign clients. There will be a focus on transactional services such as domestic and international cash management, trade services and foreign exchange, as well as project and structured finance. Citibank will continue to develop relationships with local financial institutions, both domestically and internationally.
 The Moscow representative office was opened in October 1992 and is managed by Mr. Miljenko Horvat. Citibank has offices in more than 90 countries and has been building a network in Central and Eastern Europe since the 1980s. In 1986 It was the first American bank to open in Hungary, where it now operates a wholly owned subsidiary. In 1991 Citibank established wholly owned local banks in Poland and the Czech Republic.
 -0- 10/28/93
 /CONTACT: Kenneth Campbell of Citibank, 212-559-0048/
 (CCI)


CO: Citibank ST: New York IN: FIN SU: PDT

TS-TW -- NY078 -- 7922 10/28/93 12:29 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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