Citigroup receives Central Bank of Kuwait's registration

This comes after Citigroup had been granted a full-banking licence in September 2005 and follows the appointment of Raj Dvivedi as Citigroup Country Officer for the branch of Citibank N.A. in Kuwait in February 2006.

The bank's official registration is the final step before it is free to commence operations on the ground. Citigroup Kuwait will commence operations in June 2006, and will offer Corporate and Investment Banking services in the first stage. Thereafter, Citigroup businesses serving other customer segments will be introduced over time.

Citigroup Kuwait has taken temporary office space at the Gulf Business Center, located in Dar Alawadi at downtown Kuwait City, where it will commence operations soon before moving to it's permanent location at the prestigious Ahmed Tower.

"We are delighted to receive the Central Bank of Kuwait's registration, which ushers the dawn of Citigroup's presence in Kuwait. I am honored to lead the Citigroup team that will establish our footprint in Kuwait, and to leverage our strong and stable relationships with top Kuwaiti clients," said Dvivedi.

"We now enter a new phase of service as we move onshore. We will be supporting clients on the ground through a professional team of bankers who will ensure the highest standards of banking service to our clients in the country."

Mohammed Al-Shroogi, Citigroup Managing Director - Middle East, said: 'Kuwait is an important GCC market which carries much potential for Citigroup. Through our physical presence, we will use Citigroup's global reach and cross-market experience to customize finance and banking solutions for our clients in Kuwait.'

Citigroup has been in the Middle East for nearly 50 years and continues to view the Arab World as a critical part of the Bank's global franchise. It is currently present in nine Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain and lately Kuwait.