A check by "Globes" reveals that Israel does not appear on the Citibank web site's list of countries where the bank is active, although its Tel Aviv branch has operated since July 2000.
Citibank's advertising campaign, which will include Israel as of tomorrow, includes the slogan, "102 countries, 57 languages, 1,400 branches - that is Citibank's world. A world without borders or limitations." No response from Citibank was available as of web posting.
Citibank's Israeli branch will commence retail banking operations for households, the most profitable field in Israeli banking, starting tomorrow. Up until now, the bank has conducted commercial activity among large companies.
The launching of retail activity has been postponed several times, and is getting underway a year after the original target date. Even now, the launching is only partial and without an official announcement, with the main disadvantage being a lack of a system of branches.
As of tomorrow, two kinds of accounts can be opened in Citibank's Tel Aviv branch: a private banking account, which requires a deposit of at least $50,000, and an ordinary current account. At this stage, credit will not be granted for current accounts and credit cards will not be issued.
Citibank plans to open branches in Ra'anana and Herzliya within a few months. The bank also recently began to grant credit for housing through its office in the Israel Building Center in Kibbutz Ga'ash.
Published by Israel's Business Arena on February 21, 2002