Citibank Opens Branch in Bulgaria.

10.07.2000

Citibank N.A., part of Citigroup Inc, opens branch in Sofia as part of its expansion plans in Eastern Europe. ``With our branch in Sofia we show our confidence in Bulgarian economy...our aim is to promote development of the country's financial sector,'' managing director of Citibank Bulgaria Plamen Ilchev told reporters. The branch will operate with corporate clients. Bulgaria is the 10th country in Central and Eastern Europe, where the Citibank N.A. has branches and the 103rd country on the map of U.S. financial giant Citigroup. Citibank is Bulgaria's debt agent on some USD 5 billion Brady bonds issued in 1994 under an USD 8.16 billion debt restructuring deal with the London Club of commercial creditors. The branch, due to start operations today, plans to offer a wide range of corporate and investment services including debt products, structural corporate finance, capital structuring, advisory services on mergers and acquisitions, treasury and asset management