Citibank's Islamic bank

JAKARTA (JP): Citibank announced yesterday that it will open in July an Islamic bank in Bahrain called City Islamic Investment Bank.

The bank, with an initial authorized capital of US$20 million, will be 100 percent owned by Citicorp Banking Corporation, Citibank said in a statement.

The statement also said that City Islamic Investment Bank, which already manages more than $1 billion in assets for Islamic investors, will work with other Islamic banks to invest in other markets in Asia, Latin America and Eastern Europe. (08)