Citibank recently celebrated the first anniversary of its Global Corporate and Investment Bank (GCIB), with company officials stating that its expansion is a sign of the bank’s confidence in the nation’s economy.
Speaking at the ceremony, Governor Julian Francis of the Central Bank welcomed Citibank’s move to develop products that attract corporate business. He stated that there is major opportunity here to develop more specialised products to meet the needs of Bahamian business — particularly the small business sector. GCIB’s portfolio includes loan and treasury products, underwriting equities and bonds, project financing, mergers and acquisitions, capital structuring and cash management. The bank has said it plans to assist in the development of local capital markets, and in bringing investors and credit worthy borrowers together. *”The goal is to help shape the financial industry, along with other banks who share the same commitment to The Bahamas”*, according to a company press statement.
Jamal Hussein, Business Head of Citibank’s Bahamian operations, further said *”In a tough market for financial service providers, both Bahamian and multinational companies operating in The Bahamas must be efficient. There will be no room for mediocre suppliers of products and services.”*
Citibank’s strategy on concentrating on its best performing areas saw the development of its corporate banking business in 2001.