JOHANNESBURG -- The Reserve Bank of South Africa said it has granted a license for Citibank of New York to open a representative office in South Africa. A-spokesman for the central bank's bank supervision department said the license would become official once Citibank paid the applicable fee.

He said the application originated in Citibank's Nairobi office.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.