Citicorp has obtained approval from the central bank of Algeria to upgrade its representative office there to a branch, according to Algerian news reports.

The reports added that the Citicorp branch will have a capitalization of $8.6 million, the minimum required under Algerian banking regulations. A Citicorp spokeswoman said the bank is the only 100% foreign-owned institution to obtain authorization to open a branch in Algeria.

The U.S. bank earlier this month opened a bank in the Ukraine, the 100th country in which it has established operations.

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