Business Services Industry
INVESTMENT - CITIBANK OPENS DOORS TO RETAIL CLIENTS IN MOSCOW
Info-Prod Research (Middle East), November, 2002
U.S. banking behemoth Citibank opened its doors to individual Russian clients on 20 November with a retail outlet in Moscow, "The Moscow Times" reported on 21 November. Citibank is already the largest foreign bank in Russia, with $1.7 billion in local assets, but had held off on the move from corporate to retail services until now.
The bank is betting on name-brand recognition and a range of Internet- and phone-based services to lure clients. Deposits above $3,000 initially will earn 1-1.23 percent annually in dollars, 2.68 percent in euros, and 12.02-12.04 percent in rubles. While Citibank will not set a minimum-deposit amount, it will require clients to prove that their funds were legally acquired, leading gazeta.ru to remark on 21 November that Citibank's transparency...
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