US Investment Bank Expressed Interest in the Development of a Financial Market in Georgia

Multinational US investment bank Citigroup got interested in investing in the development of a financial market in Georgia and expressed desire to acquire a certain batch of securities issued by the State Treasury of Georgia.

It was noted by Jay Collins, Deputy Chairman of the financial institution at a meeting with Giorgi Gakharia, Prime Minister of Georgia held within the scope of the World Economic Forum (WEF) in Davos today.

Citigroup is considering with the Government of Georgia to get involved in the digitalization process of accounting and settlement of public funds and payment systems by deploying advanced technologies, thereby sharing its experience to Georgian counterparts.

Company has already expressed its interest in refinancing the securities of the Government of Georgia denominated in Euros (500 million-worth of Euro Bonds) scheduled to be issued in 2021.

"Excellent discussion was held with the Prime Minister of Georgia on the economy and technologies. Namely, we spoke about the technologies used for a greater efficiency in the government sector. We also discussed investments and ways of attracting more investments to Georgia.

Citigroup is a multilateral US investment bank and financial service delivery corporation with a Head Office in New York. Third in size among the largest US banks, it has over 200 million customers and operates in 160 countries of the world by offering a wide range of financial services to corporations, governments, individuals and institutions. Annual revenues of Citigroup are around 73 BLN USD, while the number of employees - 204 000 people.