KICB Meets with AmCham Members on the Establishment of Correspondent Relations with Citibank
Today, Kyrgyz Investment and Credit Bank (KICB) together with the American Chamber of Commerce (AmCham) in the Kyrgyz Republic held a business breakfast for members of the chamber. During the event, they discussed the advantages of establishing correspondent relations between KICB and Citibank – a leading partner for financial institutions in cross-border markets, a global leader in asset management, and a highly respected private bank in the U.S. domestic market. Citi operates in 180 countries and jurisdictions, providing a wide range of financial products and services to companies, governments, investors, organizations, and individuals.
Clients can benefit from the following advantages::
- High speed of USD payments, with transfers completed in less than 1 minute
- Reliability, as there are no intermediary banks in the payment chain for USD transactions
- Cost efficiency, with no fees deducted, meaning the recipient receives the full payment amount
- Global reach, allowing payments to be made in over 180 countries
- Multicurrency capabilities, where clients can receive payments in 35 currencies and send payments in 76 currencies using just one USD account at KICB via Citibank
Members of AmCham in the Kyrgyz Republic had the opportunity to engage in direct communication, ask questions, and learn more about corporate banking services, such as salary project setups, a full range of credit instruments, and the use of the KICB Business mobile app, which allows SWIFT payments without leaving the office.
It is worth noting that KICB is an international bank with a history of over 23 years in the Kyrgyz market. It was established in 2001 by the Kyrgyz Republic and international financial organizations: the Aga Khan Fund for Economic Development (AKFED), the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the German Investment and Development Corporation (DEG). AKFED is currently the major shareholder, in partnership with the Cabinet of Ministers of the Kyrgyz Republic. Since 2012, KICB has been an active member of AmCham Kyrgyz Republic, a leading international business association striving to create a favorable and competitive business environment in Kyrgyzstan, uniting over 120 large, medium, and small enterprises from various sectors of the economy.