Citibank Reverses Decision Over Closure Of New Zealand FX Desk

BANKS

Citibank has reversed a decision to close its foreign exchange operation in New Zealand, because moving its traders to Sydney last year has resulted in lost business (FX Week, May 8).

Citibank New Zealand general manager Richard Wilks says spot foreign exchange, foreign exchange options and long-term forex businesses have been repatriated to Auckland. "After operations were switched to Sydney in April 1992, New Zealand customers had made it clear they were less than happy," he says. "The

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