Governor of Bank of Israel Ya'akov Frenkel: Significant Event in Israeli economy.
The largest bank in North America, Citibank, today formally declared
the establishment of representation in Israel. This makes Citibank the
first international financial institution to open an office in
Israel.
Vice-Chair of the Board of Directors, William Rhodes, stated today
that "establishment of the representation in Israel is a step towards
opening an official branch here, once the bank studies the market and
begins activity. The decision to open establish representation is the
direct result of the growing stability of markets it he area as a result
of the peace process".
Governor of the Bank of Israel, Ya'akov Frenkel, stated today that
Citibank's representation in Israel is a significant event in the
economy. He assesses that Citibank's decision suits Israel's strategy
to integrate into the world economy, as Citibank will help Israel
integrate into world capital markets.
Citicorp is one of the largest financial groups in the world, with
3400 branches in 96 countries. Citibank, the group's largest
subsidiary, is the largest US bank according to the "Fortune" rating,
and is considered the most profitable bank in the world.