Citibank to open office in Serbia

Dec. 12, 2006 at 10:34 AM

BELGRADE, Serbia, Dec. 12 (UPI) -- U.S. Citibank will open an office for corporate and investment banking in Serbia in the first quarter of next year, a Citigroup official said Tuesday.

William Mills, a chairman for Europe, Middle East and Africa, said Citigroup has long-term plans for Serbia's market but they are not negotiating purchase of any bank in Serbia, Belgrade's Beta news agency reported Tuesday.

Mills told reporters Citibank is gradually entering new markets and will do the same in Serbia, where it will operate with one to two bankers at the beginning, monitoring market development and after that would decide on widening business operations.

Citibank has had clients in Serbia for more than 10 years and said it plans to provide counseling services for companies in telecommunications, oil and pharmaceutical industries, Mills said.

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