Citibank Plans Moscow Forex Operation After Receiving Russian Bank License
BANKS
Citibank is planning a foreign exchange trading operation in Moscow for the first quarter of 1994 after getting the green light from regulators to upgrade its existing representative office to a wholly-owned banking subsidiary, sources say.
Citi's Russian subsidiary will offer rouble and foreign currency financing and serve both Russian and foreign clients, according to William Rhodes, vice chairman of Citibank. Foreign exchange is among the key banking services to be developed together with
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