Identifier
Created
Classification
Origin
06KUWAIT2237
2006-06-12 15:49:00
UNCLASSIFIED
Embassy Kuwait
Cable title:
CITIGROUP LAUNCHES OPERATIONS IN KUWAIT
how-toVZCZCXRO5724 RR RUEHDE DE RUEHKU #2237 1631549 ZNR UUUUU ZZH R 121549Z JUN 06 FM AMEMBASSY KUWAIT TO RUEHC/SECSTATE WASHDC 5101 INFO RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS KUWAIT 002237
SIPDIS
SIPDIS
STATE FOR NEA/ARP, EB
E.O. 12958: N/A
TAGS: EFIN ECON PGOV KU
SUBJECT: CITIGROUP LAUNCHES OPERATIONS IN KUWAIT
UNCLAS KUWAIT 002237
SIPDIS
SIPDIS
STATE FOR NEA/ARP, EB
E.O. 12958: N/A
TAGS: EFIN ECON PGOV KU
SUBJECT: CITIGROUP LAUNCHES OPERATIONS IN KUWAIT
1. (U) On June 11, Citigroup marked its official entry into
Kuwait's financial market by hosting a reception attended by
private and public sector officials and the diplomatic
community, including the Charge d'Affaires and other Emboffs.
Citigroup is the fourth foreign bank, along with BNP
Paribas, HSBC, and Abu Dhabi National Bank, to operate in
Kuwait following the GOK's decision to issue licenses to
foreign banks. (Note: Foreign banks are only permitted to
operate a single branch in Kuwait. End note).
2. (U) According to Raj Dvivedi, Citigroup's new Kuwait
country manager, the bank will focus initially on corporate
banking and wealth management services, with future plans to
expand into retail banking. Dvivedi expects to have a
minimum of 10-15 staffers, comprised of Kuwaiti and third
country nationals, recruited locally and assigned from other
existing Citigroup offices. Dvivedi and his staff will move
to their permanent offices later this year.
********************************************
For more EMBASSY Kuwait reporting, see:
http://www.state.sgov.gov/p/nea/kuwait/?cable s
Or Visit EMBASSY Kuwait's Classified Website:
http://www.state.sgov.gov/p/nea/kuwait/
********************************************
TUELLER
SIPDIS
SIPDIS
STATE FOR NEA/ARP, EB
E.O. 12958: N/A
TAGS: EFIN ECON PGOV KU
SUBJECT: CITIGROUP LAUNCHES OPERATIONS IN KUWAIT
1. (U) On June 11, Citigroup marked its official entry into
Kuwait's financial market by hosting a reception attended by
private and public sector officials and the diplomatic
community, including the Charge d'Affaires and other Emboffs.
Citigroup is the fourth foreign bank, along with BNP
Paribas, HSBC, and Abu Dhabi National Bank, to operate in
Kuwait following the GOK's decision to issue licenses to
foreign banks. (Note: Foreign banks are only permitted to
operate a single branch in Kuwait. End note).
2. (U) According to Raj Dvivedi, Citigroup's new Kuwait
country manager, the bank will focus initially on corporate
banking and wealth management services, with future plans to
expand into retail banking. Dvivedi expects to have a
minimum of 10-15 staffers, comprised of Kuwaiti and third
country nationals, recruited locally and assigned from other
existing Citigroup offices. Dvivedi and his staff will move
to their permanent offices later this year.
********************************************
For more EMBASSY Kuwait reporting, see:
http://www.state.sgov.gov/p/nea/kuwait/?cable s
Or Visit EMBASSY Kuwait's Classified Website:
http://www.state.sgov.gov/p/nea/kuwait/
********************************************
TUELLER