"Citi's presence in Egypt dates back to 1955 when it opened its first branch of a U.S. bank in the Middle East. Following the nationalizations of the late 50's and 60's, Citi re-introduced itself in the market in 1975, through its branch in Cairo, with a license to operate in foreign currency. In 1993, Citibank Egypt received its license to operate in local currency, a major milestone, which allowed for the gradual development of a full-fledged Corporate and Investment Banking business that caters to corporate customers and financial institutions, providing the full range of Global Transaction Services, Corporate Finance and Treasury solutions.
In 1999 Citi launched its Consumer Banking business in Egypt by introducing the first unsecured Credit Card to the market. As a result of a balanced yet aggressive growth plan, it soon became a full-service retail business catering for over 100,000 retail customers and offering diversified retail banking products and services. In line with its global strategy of focusing on those markets where it has the greatest scale and growth potential, Citi sold the Consumer Banking business to Commercial International Bank in 2015.
Citi is actively involved in major local financings and in facilitating key capital market transactions on behalf of institutional clients. In addition, the bank serves multinationals and global investor clients active in the Egyptian market, and fully supports their banking, investment and credit requirements."