CITIBANK OPENS A BRANCH IN SOUTH AFRICA.JOHANNESBURG--(BUSINESS WIRE)--July 26, 1995--Dr. Chris Stals, Governor of the South African Reserve Bank The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought. , and William R. Rhodes William R. "Bill" Rhodes is the Senior Vice Chairman of Citigroup Inc. and the Chairman of Citigroup and Citibank. He is also Chairman of the Board of both the Americas Society , Vice Chairman of Citibank, formally inaugurated Citibank's new branch in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. today. The inauguration of the branch in Johannesburg comes one year after Citibank opened a representative office in the city and two months after the Reserve Bank published regulations to enable foreign banks to establish branches in South Africa. Speaking at the opening, Mr. Rhodes Mr. Rhodes was an American television situation comedy which was aired by NBC as part of its 1996-97 lineup. Mr. Rhodes starred comedian Tom Rhodes as an eponymous character who taught at a small-town preparatory school after having failed as a novelist. said, "the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market in South Africa is sophisticated. To be successful here demands a well-executed business strategy with a commitment to excellent customer service." Referring to "the new South Africa's position in the world economy", Mr Rhodes also said : "It is encouraging that there is a commitment to a free market economy, that the country has now received an investment grade debt rating, thereby improving its access to the capital markets, and that foreign investment is being fostered." Also attending the inauguration were David E. Gibson, Citibank's Executive Vice President in charge of emerging markets, Dennis O. Green, the bank's Chief Auditor, and Terence Davidson, Vice President in charge of Citibank's branches in eastern and southern Africa. Citibank's branch will focus on treasury activities, such as foreign exchange and derivative products; transactional services such as cash management; trade finance; and fund raising both in rand and foreign currency. Citibank is a global institution with a presence in 94 countries, including 14 countries on the African continent. The bank previously maintained a subsidiary in South Africa between 1958 and 1987. CONTACT: Press contacts : Johannesburg Cathy Steinhobel (27) 11-280-2200 New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Kenneth Campbell (1) 212-559-0048 |
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