BAKU, Azerbaijan, September 22. Kyrgyzstan and
US-based Citibank signed three memorandums of understanding to
expand financial and banking cooperation in New York on September
21, according to the press service of the President of
Kyrgyzstan.
The memorandums were signed following a meeting between
President Sadyr Japarov and Citibank Managing Director Stephanie
von Friedeburg during Japarov’s working visit to the United
States.
One memorandum of understanding was signed between the Ministry
of Finance of the Kyrgyz Republic and Citibank.
Two other documents were signed between Citibank and
Kyrgyzstan’s state-owned banks — Eldik Bank OJSC and ABank
OJSC.
Furthermore, the memorandums were signed amid discussions on
prospects for expanding financial and banking cooperation,
including international settlements, investment cooperation and
access for Kyrgyz banks to international financial
infrastructure.
The meeting also addressed the possibility of establishing new
correspondent banking relationships between Kyrgyzstan’s
state-owned banks and Citibank, as well as the prospect of opening
a branch of the US bank in Kyrgyzstan.
Meanwhile, Citibank is one of the international banking
institutions providing financial services to corporate and
institutional clients across global markets. Its services include
transaction banking, trade and working capital solutions, treasury
services and access to international financial markets.
For Kyrgyzstan, cooperation with international banks is relevant
to the development of cross-border payments, correspondent banking
services and access to global financial infrastructure. The country
has been seeking to expand financial cooperation with international
institutions as part of efforts to support trade, investment and
the integration of its banking sector with international
markets.
