Citi renews support for the American University of Beirut

Proceeds will be used to provide financial assistance to eligible students pursuing undergraduate degrees at the Suliman S. Olayan School of Business during the 2007-2008 academic year.

Citi has been a long time supporter of the AUB's scholarship program, and this grant follows prior contributions totaling $250,000 extended since 2000.

Walter Siouffi, General Manager for Citibank in Lebanon, said:

'Citi has been a steady supporter of AUB's scholarship program for many years. We are proud to advocate higher education in Lebanon through financial aid contributions and we look forward to opportunities to complement this support through special lectures and training on important topics in global banking as we have done in the past.'

Dr, Imad Baalbaki, Assistant Vice President for Development at AUB, said: 'We commend Citi for its continued interest in providing educational opportunities to talented young people from this region, particularly Lebanese students. This donation will enhance AUB's financial aid program and will give students the opportunity to obtain a quality business education at par with top international academic institutions.'

Last year senior officers from Citibank once again delivered an accredited course entitled 'Risk in Commercial Banking' to graduate students at the school of business. Initially launched in 2002, this course has now been given for four terms, and brings students together with senior officers from Citi's international network, providing financial training through focused, practical coursework stemming from the organization's case studies.

In addition to on-campus training, Citi invites summer interns from the AUB, along with other universities, to gain on-the-job exposure to banking.

According to Lara Atoui, an AUB graduate who attended an internship last summer, 'I am privileged that Citi provided me with an opportunity to participate in an internship at the Beirut branch. The exposure I gained has made it possible for me to become a better candidate for banking careers.'

Citi's presence in Lebanon dates back to the 1950s. Since re-establishing its fully licensed branch in Beirut over ten years ago, the Bank has evolved into an active corporate citizen, with a particular interest in supporting financial literacy and education.

Recently, Citi and the Citi Foundation announced a ten-year, $200m global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes.

Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.