Citicorp has opened a bank in the Ukraine, becoming the first U.S. banking company to open a locally licensed unit in that country.
Citibank Ukraine AKB will serve multinational corporations and local Ukrainian companies with cash management, trade, and foreign exchange services and short-term financing, Citicorp said in a release. The Ukrainian bank will have $25 million in capital and 25 employees.
Citicorp, which last month announced its intention to merge with Travelers Group, has the largest Eastern Europe network of any U.S. banking company - 18 offices in eight countries. Citi opened in the region in 1985 with an office in Hungary. Since then it has opened branches in the Czech Republic, Poland, Romania, Slovakia, and Russia.
Though Citi initially focused on corporate banking in the region, it recently began developing consumer banking in Hungary and Poland. Citicorp has named Witold Zielinski as country head in the Ukraine.