CITI AND AFGHANISTAN INTERNATIONAL BANK ENTER INTO BANKING AGREEMENT
New York - October 18, 2010 – Citi today announced that its Global Transaction Services business entered into a banking agreement with Afghanistan International Bank (AIB) headquartered in Kabul. The arrangement will strengthen the ability of GTS to execute payment transactions to support sustainable banking in Afghanistan.
The agreement is seen as an important step in supporting Afghanistan’s financial sector and its overall economic development, according to Kristopher Haag, Director of Finance and Banking Development at the Pentagon’s Task Force for Business and Stability Operations. "The Task Force congratulates both institutions on their efforts to build sustainable banking services in Afghanistan that are based on international best practices. This helps strengthen the conditions necessary to attract foreign direct investment, build core industrial capabilities, and generate new social and economic opportunities in the country."
Since AIB was founded in 2004, it has developed into a fully operational commercial bank, offering a broad range of products and services including access to ATMs and Internet banking for local and foreign customers. From the beginning its major objectives have been to assist in developing the Afghan economy and to build banking capabilities in accordance with international governance standards, according to Khalilullah Sediq, CEO of AIB. "By the end of 2010 we will have 23 branches in the country and offer all major retail and corporate banking services," said Sediq.
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.