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.
