Citibank to open full subsidiary in Romania in 1996 Second Euroloan for country expected to close in November.NEW YORK--(BUSINESS WIRE)--Oct. 25, 1995--Citibank will convert its Bucharest representative office into a full subsidiary next year. This was announced today at a meeting here between Romanian President Ion Iliescu Ion Iliescu (born March 3, 1930) is a Romanian politician. He was the elected President of Romania for eleven years (three terms), from 1990 to 1992, 1992 to 1996, and 2000 to 2004. and Citibank Vice Chairman 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 . At the same meeting, Mr. Iliescu told 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. that he expected Parliament to ratify a second Euroloan for the National Bank of Romania during November, with a view to an official signing of the transaction later that month. The loan, for $110 million, is being syndicated by Citibank. Already oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , it follows an earlier $150 million Euroloan for the National Bank of Romania, which was signed in May of this year and which also was heavily oversubscribed. The two syndications mark the country's successful return to the international capital markets after an absence of 15 years. Speaking about Citibank's commitment to Romania, Mr. Rhodes said: "We decided to open in Bucharest because the government has embarked on a serious program of economic reform which bodes well for the country's future growth. Foreign direct investors should be encouraged by the steps taken so far and we believe we can be helpful to them as well as to Romania's public and private sectors. We are also hopeful that the country's privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned efforts can be accelerated in the near term." Citibank's Bucharest representative office, which opened in July of this year, will be officially inaugurated by Mr. Rhodes early next month. The full subsidiary is expected to open by the end of March 1996. The bank already has major business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets in other Central European countries, including Hungary, Poland and the Czech Republic. CONTACT: Press contact: Kenneth Campbell, 212/559-0048 |
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