CITI AND ANDHRA BANK ENTER REMITTANCE SERVICES ALLIANCE

MUMBAI, HONG KONG - September 17, 2008 - Citi's Global Transaction Services has been chosen by Andhra Bank in India as its provider of global remittance services. Under the mandate, Andhra Bank will white label QuikRemit, Citi's customizable remittance platform for banks, corporations and money transfer organizations, to provide end-to-end remittance transfers to its customers between India and other global markets.

Using Citi's QuikRemit platform, Andhra Bank can offer its customers an easy-to-use service whereby they can efficiently and securely remit money from anywhere in the world to beneficiaries in India. This helps Andhra bank enter strategic markets like Canada and the United Kingdom where there is are large Non-Resident Indian communities. Citi will also act as correspondent bank for Andhra Ban's international remittances business, and assist in clearing and collection of remittance flows.

Citi QuikRemit is a white labeled, customizable and easy to integrate remittance platform with distribution and foreign exchange capabilities in over 90 countries. The platform provides a wide range of options for origination and distribution instruments, including credit cards, debit cards and US-originating account debits using the Automated Clearing House (ACH) mechanisms.

This landmark deal is the first time Citi has white labeled a global remittance solution for a public sector bank in India and follows other significant wins for Global Transaction Services in the remittances business regionally.

R.S. Reddy, Chairman and Managing Director of Andhra Bank said: "Andhra Bank and Citi have a long-standing relationship that will only gain strength through this new alliance. By committing to this landmark partnership, we are extremely pleased to offer our clients premium global remittance services in India and globally, and leverage the experience of Citi."

Commenting on the partnership, Akash Rathke, Managing Director and Regional Head of Citi's Bank Services and Public Sector Groups said: "This is a significant achievement for Global Transaction Services in India, marking a major collaboration between Citi and one of the largest nationwide public sector banks. We are proud to partner with such a progressive financial institution."

Ashish Bajaj, Managing Director, Global Transaction Services Head for India, Sri Lanka and Bangladesh said: "Citi is extremely honored to partner with Andhra Bank in the fast growing area of global remittances. Our endeavor is to constantly support Andhra Bank through our technology, solutions and expertise, in their effort to provide a first-in-class service to their customers and to maintain their leading edge by offering remittance services to their international and domestic customers."

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About Andhra Bank
Andhra Bank was founded in 1923 and today has 2139 Business Delivery Channels consisting of 1371 branches, 66 extension counters, 38 satellite offices and 664 ATMs across over 21 states and 2 union territories in India as of June 2008. The Bank opened its Representative Office in Dubai in May, 2006 and has recently opened another Representative Office at Jersey City, New Jersey.

Andhra Bank was ranked 532nd for the year ended 31.03.2007 amongst Top 1000 Banks in the world by "The Banker" - a London-based publication based on Tier I Capital as defined by Basel's Bank for International Settlements (BIS).

About Citi’s Institutional Clients Group:
Citi’s Institutional Clients Group serves corporate clients, governments and institutional investors around the world, providing expertise and innovative solutions in banking, markets, transaction services and alternative investments. With a history dating back nearly 200 years, Citi today has a global network that includes offices in 104 countries, trading desks in more than 80 countries and transaction services infrastructure covering 140 countries. Citi aims to be trusted advisor to our clients, to execute flawlessly, to strategically commit capital and to always focus on innovation.

Citi, the leading 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, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney, Banamex and Nikko. Additional information may be found at www.citigroup.comm or www.citi.com.