Citibank expands Russian operation with branch in St Petersburg.ST PETERSBURG, Russia--(BUSINESS WIRE)--Feb. 7, 1996--Citibank today opened a branch in St Petersburg, the first of any U.S. bank in this city. The move comes two years after the bank inaugurated its wholly-owned Russian subsidiary, Citibank T/O T/O Time Out T/O Turnover T/O Take Out (restaurant food) T/O Takeoff T/O Theater of Operations T/O Table of Organization T/O Target of Opportunity T/O Train Operator T/O Tap-off T/O Thermal Oxidizer , with its offices in Moscow. The St Petersburg branch will provide full commercial banking services to companies operating in and around this port city in the north west of Russia. Speaking at ceremonies marking the opening, 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 , Citibank vice chairman, said : "Our St Petersburg branch signifies how committed we are to the Russian market. We see major opportunities here and will continue to play our part in introducing advanced technology and international banking skills." Mr Rhodes inaugurated Citibank's original representative office in Moscow in 1992 and the subsidiary in January 1994, following the granting of a full banking license in November 1993. Citibank's recently appointed country head for Russia, Stuart Lawson, said : "We have had great success with our operation in Moscow, so it is natural for us to extend our branch coverage to St Petersburg. We look forward to building new relationships with the corporate community." The branch, which will be under the direct supervision of Citibank T/O in Moscow, will emphasize cash management, foreign exchange, and project and trade finance, both for local companies and foreign investors active in consumer brands, communications, oil and gas, industrial machinery and paper. Citibank is already able to offer financial products and services to resident and non-resident companies in both rubles and hard currencies. Corporate finance opportunities will be sought on a selective basis by the St Petersburg branch. Citibank will continue to work with Russian banks to develop their domestic and international relationships, especially in 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 , and to seek co-financing opportunities with a number of international financial institutions. The bank is also continuing to offer specialized training programs for its Russian customers and potential customers. The most recent of these was held in Vladivostock in September of last year. The St Petersburg branch is managed by Mr Sergei Boyev. The staff are all Russian nationals, with banking experience and training received in the Moscow office. Currently, Citibank T/O in Russia employs 100 staff, who are able to provide a full range of banking services to a broad client base; this is facilitated by the bank's status as a direct clearer of ruble settlements and also a primary dealer and custodian of government securities. The subsidiary is 100% owned by Citibank Overseas Investment Corporation. In 1995 Citibank T/O was voted best foreign bank in Russia by Euromoney in its annual Awards for Excellence. Citibank has built a network across Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. , since the mid-1980s, of 10 branches, subsidiaries and representative offices in Russia, Kazakstan, Poland, Hungary, the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , Slovakia and Romania. Worldwide, the bank operates in 97 countries and territories, 75 of which are "emerging economies". William Rhodes William Rhodes may refer to:
tr.v. in·au·gu·rat·ed, in·au·gu·rat·ing, in·au·gu·rates 1. To induct into office by a formal ceremony. 2. the bank's new representative office in Tel Aviv Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest . CONTACT: Citibank Moscow : Stuart Lawson, (7-095-258-6999) New York : Kenneth Campbell Kenneth Campbell VC (April 21, 1917 - April 6, 1941) was a Scottish recipient of the Victoria Cross, the highest and most prestigious award for gallantry in the face of the enemy that can be awarded to British and Commonwealth forces. , (1-212-559-0048) |
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