Identifier
Created
Classification
Origin
09ASHGABAT663
2009-05-28 11:36:00
CONFIDENTIAL
Embassy Ashgabat
Cable title:
TURKMENISTAN: RUMORS OF VISA TROUBLES AS CITIBANK
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C O N F I D E N T I A L ASHGABAT 000663
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: DECL: 05/27/2019
TAGS: PREL EFIN CVIS EXIM TX AZ TU
SUBJECT: TURKMENISTAN: RUMORS OF VISA TROUBLES AS CITIBANK
GETS SERIOUS ABOUT FINDING BUSINESS
REF: 08 ASHGABAT 1056
Classified By: Charge Richard Miles, reasons 1.4 (B) and (D).
C O N F I D E N T I A L ASHGABAT 000663
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: DECL: 05/27/2019
TAGS: PREL EFIN CVIS EXIM TX AZ TU
SUBJECT: TURKMENISTAN: RUMORS OF VISA TROUBLES AS CITIBANK
GETS SERIOUS ABOUT FINDING BUSINESS
REF: 08 ASHGABAT 1056
Classified By: Charge Richard Miles, reasons 1.4 (B) and (D).
1. (C) The Relationship Manager of Citibank's Central Asia
and Transcaucasia Department, Sinan Tan (please protect),
said in a meeting on May 14 that he was meeting with
representatives of the European Bank for Reconstruction and
Development, Vneshekonombank, Senagatbank, and
Turkmenbashybank. For the first time, the Central Bank
turned down his request for a meeting, citing lack of time
due to a busy schedule. Tan had intended to introduce Juma
Ahmadzade, who would henceforth cover Turkmenistan and
Georgia from Citibank's Baku office. Tan and Ahmadzade
applied for visas at the same time, but Ahmadzade's
application was rejected -- for unspecified reasons, as usual
-- and Vneshekonombank also confirmed to Tan that Ahmadzade
would not receive a visa. Tan said that Ahmadzade was
assigned to cover Turkmenistan because Citibank realized that
the language barrier for Turkish nationals covering
Turkmenistan out of Istanbul was a major stumbling block to
opening up new business in Turkmenistan. He and his
colleagues often found themselves having to explain products
to decision makers in Turkmen organizations who did not speak
English. Tan said that Citibank would have to rethink its
strategy for finding new business in Turkmenistan if
Ahmadzade could not obtain Turkmen visas at this point or in
the future. This is a distinct possibility since one
rejection is generally a sign that a person will never
receive a visa.
2. (C) Tan said that Citibank wanted to open lines of credit
during his last visit in August 2008 (reftel),but the timing
was bad for Citibank because of the international financial
crisis. Currently, Citibank only has the ability to transact
a cash business in Turkmenistan, and provides correspondent
banking services to Vneshekonombank and the Central Bank.
Tan said that Citibank might be able to enter into some
transactions for Turkmenistan with EXIM Bank, if Citibank can
find the right kind of Letter of Credit business to present
to EXIM Bank. He also said that if the Treasury of
Turkmenistan was willing to complete a sovereign transaction
guarantee, Citibank might be able to conduct such
transactions with EXIM Bank, Overseas Private Investment
Corporation, and other export credit agencies. He said that
U.S. companies prefer Letters of Credit issued by U.S. banks,
which would then open the door to an increase in trade.
3. (SBU) COMMENT: Citibank is serious about the Turkmen
market. Tan added that he would like to organize a visit for
the bank's senior officials -- including the CEO for Europe
-- to Turkmenistan, since they would be in the region for a
banking event in fall 2009. However, the overcomplicated
visa regime remains a serious barrier to commerce with other
countries. END COMMENT.
MILES
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: DECL: 05/27/2019
TAGS: PREL EFIN CVIS EXIM TX AZ TU
SUBJECT: TURKMENISTAN: RUMORS OF VISA TROUBLES AS CITIBANK
GETS SERIOUS ABOUT FINDING BUSINESS
REF: 08 ASHGABAT 1056
Classified By: Charge Richard Miles, reasons 1.4 (B) and (D).
1. (C) The Relationship Manager of Citibank's Central Asia
and Transcaucasia Department, Sinan Tan (please protect),
said in a meeting on May 14 that he was meeting with
representatives of the European Bank for Reconstruction and
Development, Vneshekonombank, Senagatbank, and
Turkmenbashybank. For the first time, the Central Bank
turned down his request for a meeting, citing lack of time
due to a busy schedule. Tan had intended to introduce Juma
Ahmadzade, who would henceforth cover Turkmenistan and
Georgia from Citibank's Baku office. Tan and Ahmadzade
applied for visas at the same time, but Ahmadzade's
application was rejected -- for unspecified reasons, as usual
-- and Vneshekonombank also confirmed to Tan that Ahmadzade
would not receive a visa. Tan said that Ahmadzade was
assigned to cover Turkmenistan because Citibank realized that
the language barrier for Turkish nationals covering
Turkmenistan out of Istanbul was a major stumbling block to
opening up new business in Turkmenistan. He and his
colleagues often found themselves having to explain products
to decision makers in Turkmen organizations who did not speak
English. Tan said that Citibank would have to rethink its
strategy for finding new business in Turkmenistan if
Ahmadzade could not obtain Turkmen visas at this point or in
the future. This is a distinct possibility since one
rejection is generally a sign that a person will never
receive a visa.
2. (C) Tan said that Citibank wanted to open lines of credit
during his last visit in August 2008 (reftel),but the timing
was bad for Citibank because of the international financial
crisis. Currently, Citibank only has the ability to transact
a cash business in Turkmenistan, and provides correspondent
banking services to Vneshekonombank and the Central Bank.
Tan said that Citibank might be able to enter into some
transactions for Turkmenistan with EXIM Bank, if Citibank can
find the right kind of Letter of Credit business to present
to EXIM Bank. He also said that if the Treasury of
Turkmenistan was willing to complete a sovereign transaction
guarantee, Citibank might be able to conduct such
transactions with EXIM Bank, Overseas Private Investment
Corporation, and other export credit agencies. He said that
U.S. companies prefer Letters of Credit issued by U.S. banks,
which would then open the door to an increase in trade.
3. (SBU) COMMENT: Citibank is serious about the Turkmen
market. Tan added that he would like to organize a visit for
the bank's senior officials -- including the CEO for Europe
-- to Turkmenistan, since they would be in the region for a
banking event in fall 2009. However, the overcomplicated
visa regime remains a serious barrier to commerce with other
countries. END COMMENT.
MILES