Gulf Daily News - 18/4/2006

Citigroup has been registered in the Register of Banks at The Central Bank of Kuwait, it was announced yesterday.

This comes after Citigroup had been granted a full-banking licence last September and following the appointment of Raj Dvivedi as the Citigroup Country Officer for the Branch of Citibank N A in Kuwait this February.

The bank's official registration is the final step before it is free to commence operations on the ground.

Citigroup Kuwait will commence operations this June and will offer corporate and investment banking services in the first stage.

Citigroup businesses serving other customer segments will be introduced over time.

Citigroup Kuwait has taken temporary office space at the Gulf Business Centre, located in Dar Alawadi in downtown Kuwait City, where it will commence operations soon before moving to permanent location at the Ahmed Tower.

"We are delighted to receive the Central Bank of Kuwait's registration, which ushers the dawn of Citigroup's presence in Kuwait," said Mr Dvivedi.

"I am honoured to lead the Citigroup team that will establish our footprint in Kuwait, and to leverage our strong and stable relationships with top Kuwaiti clients.

"We now enter a new phase of service as we move onshore.

"We will be supporting clients on the ground through a professional team of bankers who will ensure the highest standards of banking service in the country."

Citigroup managing director for the Middle East Mohammed Al Shroogi said Kuwait was an important GCC market which carries much potential for the bank.

"Through our physical presence, we will use Citigroup's global reach and cross-market experience to customize finance and banking solutions for our clients in Kuwait," he said.

Citigroup has been in the Middle East for nearly 50 years and continues to view the Arab world as a critical part of the bank's global franchise. It is currently present in nine Arab countries including Bahrain, Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco and Algeria.