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Citibank Launches CitiBusiness Services

Citibank Launches CitiBusiness Services
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What's New
Business Banking Solution Catering to Small & Medium Enterprises
Bahrain - Citibank N.A. announced the launch of a new suite of Trade products and services under its CitiBusiness program for the Small & Medium Enterprises (SMEs) in Bahrain which are active in key businesses such as trade, construction, tourism, facility management, import & export, manufacturing, and professional services.
CitiBusiness offer includes trade services such as letters of credit, letters of guarantee and import and export collection of documents. In addition, SME clients can avail of the CitiBest Current account which allows corporates to earn attractive interest on a daily basis with the ability to withdraw funds at any time by issuing cheques or through telegraphic transfers.
In addition, corporate clients will have access to world class range of investment and insurance products Payroll processing and global remittances in multiple currencies are also offered.
The CitiBusiness offer is delivered by dedicated relationship managers who ensure to tailor customized solutions for the SME clients with a view to optimizing surplus liquidity, a crucial objective given prevailing low interest rate environment.
Commenting on this new line of corporate services, Mr. Navneet Kampani, Consumer Business Head, said: "SMEs are the heart and soul of a vibrant economy and the same holds true for Bahrain in which 90% of the companies in the country belong to the SME sector. Bahrain is a leading trading hub in the region and our Trade products and services are designed to provide convenience and facilitate unfettered trade for our clients.
"The global reach and recognition of the Citi brand is very important for trade transactions and a Letter of Credit issued by Citi provides instant comfort to an exporter from another country dealing with a client in Bahrain," said Zuzar Mandarwala, Local Commercial Bank and Wealth Management Product Head at Citibank Bahrain. "CitiBusiness also tallies to Citibank@Work which offers corporate employees special benefits and privileges related to payroll services."
Citi has been in the Middle East for nearly 50 years and currently offers consumer-banking services in Bahrain, UAE and Egypt. In the Kingdom of Bahrain alone, Citibank, the consumer banking arm of Citi, has had a presence for the past 18 years, and is expanding its major operations within the country.
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