Citi celebrates its 25th Anniversary in Algeria

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Algiers, Algeria – Senior officials from Citi, led by Europe, Middle East and Africa CEO David Livingstone, recently concluded a successful visit to Algeria.

The delegation called on key government officials and, together with the local Citi team, celebrated the bank’s 25^th anniversary in the country, a milestone event marked by a gathering of senior clients in Algiers.

Citi Algeria obtained a full banking licence from the Algerian authorities in 1998, becoming the first foreign bank established in the country. Citi offers a full spectrum of corporate and investment-banking services, meeting the needs of the country’s public-sector entities, Algerian corporations, multinationals and financial institutions.

“Algeria represents a significant growth opportunity for our clients, and we are supportive of the steps the government is taking to pursue its economic policy agenda, including boosting foreign investment in the country,” said Mr. Livingstone. “Meetings with officials and clients this week were opportunities to reiterate Citi’s commitment to supporting them and Algeria’s growth and economic progress.”

For the past 25 years, Citi has supported clients in strategic economic sectors and pioneered several banking practices in Algeria including:

• The launch of internet banking services through the CitiDirect platform in 1999
• Arranging, in 2006, a key syndicated loan facility for a leading private telecom actor in Algeria to finance their business implementation in the market as a new investment
• The launch of the first FX solutions, FX Forward, in 2018, strengthening our hedging solutions for our clients
• The introduction, in 2022, of the first sustainability-linked supply chain finance transaction, with the aim of supporting clients as they advance their ESG priorities

Commenting on the visit and the anniversary, Mr. Ramz Hamzaoui, Citi’s Head for the Maghreb Region, said: “During the past 25 years, Citi has become an embedded member of the Algerian banking community and a provider of state-of-the art banking solutions. We owe this success to our partners in the country, including our regulators, clients and colleagues. We look forward to building on these partnerships for the next 25 years and beyond.”

Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media Contact

Kawtar Amrani: Kawtar.amrani@citi.com