Citigroup signs network agreement with the Housing and Development Bank in Egypt
Cairo, Egypt, 23 June 2005 — Citigroup’s Global Transaction Services (GTS) unit today announced the signing of an agreement with The Housing and Development Bank (HDB) in Egypt which will enable Citigroup’s corporate customers in Egypt to utilize HDB’s country-wide network.
Citigroup’s domestic and overseas customers will now be able to accept cash deposits, make cash payments, locally cash cheques and make remittances through the 33 HDB branches across Egypt. This will result in more efficient service and will, in time, be extended to all of HDB’s 55 branches.
In a signing ceremony held today at The Housing and Development Bank, Mr. Fathy El Sebaai, Chairman of HDB, Mr. Frank Bisignano, CEO of Citigroup GTS worldwide, and Mr. Francesco Vanni d’Archirafi, CEO of Citigroup GTS EMEA, conducted the signing which officially launches this new service.
Citigroup GTS EMEA has provided important technical support to make this service available, which will now offer greater convenience and speed to its corporate customers and in addition, affordability to the Egyptian public. Citigroup will also be conducting training for some employees of The Housing and Development Bank, focusing on technical support and customer service.
Mr. Fathy El Sebaai said, “We are extremely excited by this agreement with Citigroup and have worked closely with them to ensure we will be successful in offering this unique service to our marketplace. We look forward to further partnerships in the future.”
Mr. Frank Bisignano emphasised Citigroup’s Global Transaction Services’ plans to partner with banks across EMEA and offer transaction services for Citigroup’s corporate customers. “As of today, Citigroup manages a growing number of relationships with banks throughout the EMEA region, and we intend to work closely with them and support their lines of business with innovative financial products. Citigroup is uniquely positioned to help banks achieve their product extension and market development plans and this agreement with The Housing and Development Bank is illustrative of that.”
Mr. Francesco Vanni d’Archirafi added, “In addition to serving our financial institution clients, this new service will also enable other Egyptian corporate clients the opportunity to utilize a fast, convenient and most importantly, economical service to the Egyptian public.”
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance, securities and fund services and commercial card solutions to corporations, financial institutions and governments around the world. With over US$ 115 billion in average liability balances, more than US$ 7.9 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 100 local markets. For additional information, see www.transactionservices.citigroup.com.