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Citibank Romania becomes branch of Citibank Europe Plc

Citibank Romania is to become on January 1 2009 the Romanian branch of Citibank Europe Plc, Dublin (Ireland), as following a merger through absorption.

The Citibank officials have specified this movement was meant to improve the way in which units in Romanian were structured, with the customers to benefit thus from the best financial solutions there are. Moreover, the change in the status of the Romanian entity will help it achieve a greater capacity in granting credits, increased value of balance-sheet assets and a greater capacity to grant loans.

After no less than 11 years on the Romanian market, Citibank Romania SA will become a branch of Citibank Europe Plc (CEP) headquarter in Ireland, starting on January 1 2009, the data of the merger, shows a release of the bank to Agerpres on Monday.

'This merger is part of a strategic initiative on global level aiming at making the structure of the organization more efficient; in our region the process was launched three years ago and resulted in the setting up of an improved legal entity, present on the European level. Our presence here as well as the services we offer to our customers will stay unchanged, but with improvements to be seen in other fields. As a branch of Citibank Europe Plc we will remain part of Citi, which is world leader in financial services, and we will continue to offer both the global products and services, as well as the best locally adapted financial solutions to our customers in Romania,' Shahmir Khaliq, general manager with the Romanian branch of the Citibank Europe Plc Dublin.

As a branch of CEP, we will be part of a European entity with higher balance sheet assets and a greater capacity in granting loans, which will make us an even stronger partner for our customers in Romania and will allow us to expand more efficiently in the future, Shahmir Khaliq explained.

Citibank Europe Plc is an authorized bank headquartered in Ireland, functioning according to regulation of the Irish Financial Services Regulatory Authority (Financial Regulator). CEP is going to reach balance sheet assets up to 6.8 billion euros and 1.4 billion euros in own capital in end-2007.

Thus, all the contracts and relations will be transferred to the new entity on January 1, after the merger between Citibank Romania SA, the current provider of services, and Citibank Europe Plc, as legal successor. All the numbers afferent to the accounts and the banking cards will stay unchanged. After the merger, the new entity will continue to maintain the same IBAN and SWIFT codes and the bank accounts numbers. The CEP branch is to have a new registration number with the Trade Registry and a new single registration code.

According to the EU legislation, the Irish laws will regulate the guaranteeing of the deposits and investments of customers.

Citibank Europe Plc, Dublin - Romania branch will stay under the surveillance of the Romanian National Bank (BNR) in certain fields of activity (especially in such fields related to liquidity and development of activity). Nevertheless, the bank will be more under the surveillance of the Irish Regulatory Authority, which monitors the entire Citibank Europe Plc, branches included.

Citi has been operating on the Romanian market via Citibank Romania SA since 1996, providing financial products and services to both national and international companies, small and medium-sized companies, public sector, non-profit organizations and individuals. Citibank Romania is currently holding 8 branches devoted to corporations and 39 CitiFinancial agencies, providing loans to individuals. CitiFinancial, a division of Citibank devoted to the consumer segment, serves its customers also via the 434 direct sales agencies in 50 points nationwide.

Citi, the most important international company offering financial services, holds 200 million accounts in more than 100 countries worldwide and provides individuals, corporations, government and institutions a wide range of products and financial services including credits and banking services, banking activities and investments activities to companies, insurance, banking guarantees and investment management.

 

Sursa: http://www.rompress.ro

Tags: citibank customers financial entity services merger romania romanian branch europe bnr

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