TURKMENISTAN: CITIBANK LOOKING FOR BUSINESS

C O N F I D E N T I A L ASHGABAT 001056 SIPDIS STATE FOR SCA/CEN, EEB E.O. 12958: DECL: 08/13/2017 TAGS: EFIN TX SUBJECT: TURKMENISTAN: CITIBANK LOOKING FOR BUSINESS OPPORTUNITIES Classified By: Charge d'Affaires a.i. Sylvia Reed Curran for reasons 1. 4 (B) and (D). ¶1. (C) Two officials from Citibank are visiting Turkmenistan for annual client meetings: a Citibank Vice President and Senior Correspondent Banker from Citibank's Bank Services Group and a Relationship Manager of Citibank's Central Asia and Transcaucasia Department. Citibank has provided money transfer services for the Central Bank and Vneshekonombank since Turkmenistan's independence. The Citibank officials said that, during this trip, their counterparts from Turkmenistan organizations avoided discussing statistics or giving specific figures. However, these Turkmen officials noted the country's eagerness to expand ties with international companies and asked for training programs. Citibank would like to explore opportunities to provide future training to Turkmenistan in electronic payment systems, credit services, and debt services. ¶2. (C) COMMENT: These observations support post's experiences with Turkmenistan's financial community since the beginning of this summer. Turkmenistan appears to want to open up its markets to the world and accept assistance, but is not sure how to do so. Post encouraged Citibank to accept the invitation to put on some training programs as a way to deepen the relationship and have a foot in the door for future business opportunities. END COMMENT. CURRAN