Citibank, Ecuador
MIGA issued coverage for $16 million to Citibank,N.A., of the United States for shareholder loan to Citibank, N.A. (Ecuador) (CBE). MIGA's guarantee covers the risks of currency transfer and expropriation.
CBE will expand the services of its three branches in the country (two are in Quito and one is in Guayaquil). The funds will be used for short- and medium-term lending activities as well as portfolio investments. CBE will lend to the industrial, commercial, financial, agribusiness, and retail sectors.