Citibank Romania to invest in consumer banking and new products

Citibank Romania, a subsidiary of US Citibank financial giant, wants to develop local market operations in 2008 by increasing investments in consumer banking and new products.

"We are simultaneously raising our small and medium-sized enterprise market and corporate banking market shares," according to a statement to Business Standard by Shamir Khaliq, President of Citibank Romania.

Khaliq indicated that 2007 was the best year for Citibank since it entered the Romanian market in 1996, even if the mother bank is facing one of its worst years ever, with plans to lay off 17,000-32,700 employees of its worldwide 327,000 employees.

Citibank forecast a 178 percent year-on-year increase in its loan portfolio in 2007, and turnover surged by 232 percent compared to the same period in 2006.

Business Standard