Citi and World Bank Group's IFC In $1.25 Billion Partnership to Drive Trade Growth in Emerging Markets

Under this facility, Citi will use the funding to originate trade finance transactions from emerging market banks in Asia, Latin America, Central and Eastern Europe, the Middle East and Africa, allowing these banks to extend financing to local importers and exporters. This in turn will help stimulate country and regional commerce. "We are very pleased to be establishing this important partnership with IFC to stimulate the recovery and growth of global trade in the emerging markets," said Francesco Vanni d'Archirafi, Chief Executive Officer of Citi's Global Transaction Services business. "Citi has been a trusted partner to banks, corporations and the public sector across the emerging markets for many decades, and through our collaboration with IFC as well as our other development and export credit agency partners around the globe, we are firmly committed to restoring the flow of trade and commerce financing around the world."

"Global trade is facing serious challenges in today's financial environment, given the shortage of liquidity worldwide," said Lars Thunell, IFC Executive Vice President and CEO. "This program benefits small businesses in developing countries, which are a major source of jobs and have been hard hit by the global financial crisis. We appreciate Citi's leadership and look forward to working with them on this key initiative."

Global Transaction Services, a division of Citi's Institutional Clients Group offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 1st quarter of 2009, it held on average $278 billion in liability balances under administration, and $10.3 trillion in assets under custody and trust.

About The World Bank Group

The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information please visit www.worldbank.org, www.miga.org, and www.ifc.org.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information please visit www.ifc.org.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citi.com.

SOURCE: Citigroup Inc.

Press: 
Citi: 
Nina Das, 212-816 9267 
nina.das@citi.com 
or 
IFC Corporate Relations: 
Corrie Shanahan, +1 202-473-2258 
Manager, External Communications 
Cell: +1 202-294-4697 
cshanahan@ifc.org 
Web: www.ifc.org