Citicorp said it has launched an investment Bank in Bahrain.

The wholly owned subsidiary is called Citi Islamic Investment Bank. It has capital of $20 million.

The New York money-center has had a commercial bank branch in the Persian Gulf state since 1970.

The investment bank will operate independently from Citicorp but will take advantage of the parent company's technology, financial engineering skills, product innovation capability, customer knowledge, and access to markets in 98 countries.

The Bahrain-based investment bank was developed in compliance with Islamic laws.

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