CAPE TOWN -- Citibank, a unit of Citicorp, said it has been granted a license to open an office in South Africa.

Citibank vice chairman William Rhodes told a press conference at the World Economic Forum's Southern African Summit that the company was also granted permission to open an office in Tanzania.

Offices would be set up soon in the two countries, giving Citicorp a presence in 14 African nations, Mr. Rhodes said, adding that he was pleased to hear the South African government wanted to drop the dual exchange rate system as soon as possible.

South Africa's trade minister, Trevor Manuel, told the press conference the government would wait to see how business reacted to the transition process before abolishing the financial rand, the investment unit for foreigners.

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