Citibank, N.A., Turkey
MIGA issued a $20 million investment guarantee to cover the expansion of Citibank branch banking operations in Turkey. Citibank, a U.S.-based corporation, already has successful branch banking operations in Ankara, Istanbul, and Izmir, where it has provided a full spectrum of commercial and investment banking services to its public and private customers for ten years. The increase in branch capital is expected to contribute significantly to the development of Turkey's capital markets. MIGA's guarantee covers the risks of currency transfer and expropriation.