Citibank's Islamic bank

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)