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Citi, the leading global bank (having opened its first international branch in Shanghai in 1902), is currently present in more than 100 countries across the globe, and is celebrating its 200th anniversary this year (1812-2012).
In Pakistan for over 50 years, the bank has been recognised for introducing state-of-the-art financial solutions to the local banking landscape. The bank has recently appointed Nadeem Lodhi as its new Country Officer for Pakistan. Lodhi who is a veteran Citibanker, rejoins Citi from Abraaj Capital, where he was heading the business for Sub Saharan Africa.
"Citi has been an early pioneer in the debt and equity capital markets. It has also been the lead bank in enabling the Government of Pakistan to access international capital markets since 1996 and has lead managed the last three consecutive international sovereign bond issues," said Lodhi.
"Moreover, Citi continues to play a pioneering role in providing structured financing solutions to Public Sector and Corporate entities operating out of Pakistan, enabling them to access offshore debt capital markets". Some of these transactions include the landmark PTCL securitization transaction undertaken in the 90s as well as the recent US $100MM Islamic syndicated financing for PIA. Further, Citi's derivatives business has the distinction of having executed the first and largest quanto swap as well as numerous cross currency hedging swaps in Pakistan.
On the flow business front, Citi has a globally recognised best-in-class state-of-the-art electronic banking platform (having pioneered the ATM in 1977 and the first card in Google wallet in 2011 amongst other digital innovations). "We continue to focus on bespoke e-payment solutions for public sector and multinational clients as well as on providing structured trade solutions for the energy sector," comments Lodhi.
Furthermore, Citi pioneered the concept of Consumer Banking in the early 1990s, introduced the first 24/7 customer service line (CitiPhone) as well as Citigold Priority Banking. The bank continues to focus on its consumer business (Liabilities products and Bancassurance products) in order to provide best-inclass services to its select consumer banking customers in the major cities of Karachi, Lahore, Rawalpindi and Islamabad. As Citi celebrates its bicentennial this year, it continues to lead the financial services sector in Pakistan.-PR

Copyright Business Recorder, 2012

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