NEW YORK - Citibank said it has opened a branch in Faisalabad, Pakistan.

The Citicorp unit has three other branches in the country, in Karachi, Lahore, and Rawalpindi.

Citibank said the Faisalabad branch will serve international corporate customers as well as provide retail banking services.

The New York bank said its services in Pakistan - including foreign currency deposits, equity investments for foreigners, and financing for private-sector power generation - have supported the government's efforts to open up and privatize the economy.

Citibank recently completed a $50 million structured trade financing for imports of fertilizer products from the United States - the country's first tapping of a commercial source of credit.

Citibank has been operating in Pakistan since 1961 and has assets there equal to $700 million, more than any other foreign bank in the country.

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