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CITIBANK EXPANDS SERVICES IN EGYPT

 CAIRO, Egypt, Nov. 3 /PRNewswire/ -- Citibank's foreign currency branches in Egypt began operating in the domestic pound economy today. This follows the recent implementation of a new banking law, enabling foreign-owned banks to deal in Egyptian pounds.
 Speaking at the inauguration, Citibank Vice Chairman Paul Collins said: "Getting this license reflects an even stronger commitment to Egypt and to the growth of the economy and the country. In turn, it gives us an opportunity to serve the corporate customer base in Egypt and to link those customers to Citibank's global network of branches."
 Since 1974, Citibank has been particularly active in trade and project finance through its foreign currency license. Ahmed El-Bardai country corporate officer for Citibank in Cairo, said that "at a time when the Egyptian economy is beginning to flourish, the new license will allow us to satisfy the foreign and local currency financing needs of domestic companies and of subsidiaries of foreign entities."
 Citibank has branches in Cairo and Alexandria.
 -0- 11/3/93
 /CONTACT: Kenneth Campbell of Citibank, 212-559-0048/


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

CK -- NY107 -- 0324 11/03/93 16:55 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:190
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