Printer Friendly

CITIBANK OPENS BRANCH IN FAISALABAD, PAKISTAN

 CITIBANK OPENS BRANCH IN FAISALABAD, PAKISTAN
 NEW YORK, July 29 /PRNewswire/ -- Citibank today announced it has


opened a fourth branch in Pakistan, in the city of Faisalabad. The bank's other branches are in Karachi, Lahore and Rawalpindi.
 The Faisalabad branch will be linked to Citibank's global network of branches in more than 90 countries. This will give international corporate customers immediate access to world markets. The branch will also provide retail banking services to individual customers in Faisalabad.
 The Pakistan government's current economic program for the liberalization of the economy, including a privatization program, has encouraged foreign and domestic investment in the country. Citibank has been an active participant in generating foreign currency deposits; in mobilizing equity investments in the stock market through the Pakistan Fund, which is aimed at foreign investors; and in arranging financing for private sector power generation.
 Citibank recently completed a $50 million structured trade financing for Pakistan, enabling the government to finance the import of fertilizer products from the United States. This was the first occasion on which Pakistan tapped commercial sources of credit.
 Citibank has been operating in Pakistan since 1961, and is now the largest foreign bank in the country with a balance sheet of 18 billion rupees (approximately $US700 million.)
 -0- 7/29/92
 /CONTACT: Kenneth Campbell of Citibank, N.A., 212-559-0048/
 (CCI) CO: Citibank ST: New York IN: FIN SU:


AH-OS -- NY110 -- 4778 07/29/92 16:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:238
Previous Article:CORRECTION TO LA QUINTA MOTOR INNS, INC. REPORTS IMPROVED EARNINGS FOR THREE AND SIX MONTH PERIODS ENDING JUNE 30, 1992
Next Article:JONES TO RE-ASSUME POST OF CEO AT METROPOLITAN FINANCIAL
Topics:


Related Articles
CITIBANK LAUNCHES INVESTMENT INITIATIVE AND INVESTMENT GUIDE AT HANOI RECEPTION
Performance of foreign banks in Pakistan.
Citibank launches Asian leadership series.
Shaun the Boks hero.
Derek McGovern: SURE TO BE DRAW.
Registration for recruitment as sailors starts.
Balloting of prize bonds worth Rs.40000 to be held on December 01.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters