Briefs: Citibank to Open Unit In Romania's Capital

Citibank has opened a wholly owned subsidiary to serve corporate clients in Romania. The subsidiary, Citibank Romania, will serve global corporations and local Romanian companies and will focus initially on cash management and treasury and money-market businesses.

Citibank vice chairman William R. Rhodes said the move reflected confidence in Romania's ability to implement its economic reforms. He added that Citibank's long-term goal in Romania was to become a major local bank and an integral part of the banking system.

In addition to serving global and local corporations Citibank "will continue to help the country finance infrastructure projects and to support the National Bank of Romania in its external financing strategy," said David Garner, the bank's country corporate officer. In 1995 Citibank helped Romania return to the international capital markets by syndicating two euroloans for the National Bank.

Citibank initially opened a representative office in Bucharest in July 1995, joining Chase Manhattan Corp., which set up a corporate banking branch in Bucharest in 1974. Romania is the seventh Central and Eastern European country in which Citicorp now established operations.

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