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This choice of location comes shortly after Citigroup has secured a full-banking licence from the Central Bank of Kuwait, which was granted in September. The new office premises will house all of Citigroup's businesses in Kuwait, which initially will include Corporate and Investment Banking and others at a later stage..
Mohammed Al-Shroogi, Citigroup Managing Director - Middle East, said:
"Kuwait is an important market which carries much potential for Citigroup. The superb premises at Ahmed Tower are well suited to serve our diverse and discerning clientele in the country, as we get ready to establish a full-fledged onshore operation in Kuwait. "
Citigroup is currently present in eight Arab countries including the UAE, Bahrain, Jordan, Lebanon, Egypt, Tunisia, Algeria and Morocco. Citigroup Kuwait will become operational early next year and will offer, in the first phase of operation, Corporate and Investment Banking services. Thereafter, Citigroup businesses serving other customer segments will be introduced over time.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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