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1 May 2003 | Business & Finance

Citi Bank To Establish Branch In Ghana

Saudi Prince Alwaleed Bin Abdulaziz Alsaud,who paid a tow-day visit to Ghana, has stated that the Citi Bank of the United States of America will establish a branch in the country.

The world’s biggest and most profitable bank, Citi Group Bank in the United States of America, has decided to make substantial investment in Ghana’s economy by establishing a branch in the country.

This is the outcome of the two-day visit of Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud to the country.

Last Tuesday, President Kufuor requested the Saudi Prince, who is a majority shareholder in the Citi Bank,to prevail on the board of directors of the bank to establish a branch in Ghana. At a working lunch hosted by the President in the Prince’s honour at the Castle, Osu, yesterday, the visiting world’s fifth richest man broke the news that the Citi Bank board has agreed to establish a bank in the country.

He said he has also wrapped up a deal to build a multimillion cedi hotel at the Accra Airport City . The Saudi Prince said in response to the President’s request, he promised to communicate with the bank on the possibility of establishing a branch in the country.

He said the decision of the bank to establish a branch in the country is an expression of confidence in Ghana, the government and the leadership of President Kufuor . The Prince said within three months, he and his delegation will be studying and evaluating the proposal for the reactivation of the Ambassador Hotel and come out with the appropriate recommendation for a deal to be made on the proposed project.

He noted that, although his visit to Ghana was short, it was full of achievements and dynamism, which reflect the way the President conduct his business. He expressed appreciation to the President and the Vice-President for the warm reception accorded him and his entourage during their two-day visit to Ghana.

President Kufuor said within the short period of the visit, the Saudi Prince was quick to observe and take far-reaching decisions. He said the Prince’s visit augurs well for the development of the relationship between Ghana and Saudi Arabia and between the Prince himself and the Ghanaian community.

On behalf of the Prince, Mr Jude Bucknor, an investment banker and representative of Citi Bank in Ghana, said the visiting Prince has donated various sums of money, totalling one million dollars, for pre-school education, health research as well as towards the Otumfuo Education Fund.

quot-img-1Love is desire sublimated into unprovoked solicitousness.

By: Kwame Okoampa-Ahoofe quot-img-1