Business Services Industry
RUSSIA: INVESTMENT - CITIBANK OPENS DOORS TO RETAIL CLIENTS IN MOSCOW.(Brief Article)
IPR Strategic Business Information Database, 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...
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