Citigroup opens retail bank in Russia

Northwestern Financial Review, Dec 15-Dec 31, 2002

[national summary]

Citigroup Inc. has opened a bank in Russia. ZAO Citibank is the first U.S. bank to offer ordinary Russians 24-hour telephone banking, Internet services, debit and credit cards, mobile phone alerts, savings and investment products, and no-minimum balance checking accounts in rubles, U.S. dollars and euros. The Russian banking system's collapse four years ago has discouraged Russians from entrusting their money to local banks. In a press release, the bank said the move comes after extensive research into what services would entice Russian citizens back into banks. "There is a huge unfulfilled demand in Moscow for secure, convenient and modern banking services," said Nandan Mer, consumer business manager for Citibank Russia.