Article

Citibank Award Ceremony

Citibank

February 9, 2005

Justice Latifur Rahman, Secretary Omar Farooq, Mr. Nazmul Hasan, Mr. Aftabul Islam, distinguished guests and customers of Citibank.  I am truly happy to be here today to present Citibank with this prestigious citation.  Citibank Bangladesh is being recognized by the United States Department of State for its accomplishments in the areas of good corporate citizenship, as well as its contribution to the rule of law, and to the overall growth and development of the local economy and community.  The banking sector in Bangladesh is under-developed and obtaining financing is sometimes a challenge for government and private investors alike.  In this environment, Citibank provides not only a source of investment capital, but is the most trusted name in corporate financing.  Citibank is the leader in technological innovation and in using and sharing innovative financial management practices. 

I would like to start off by commending Citibank Bangladesh and Citigroup, N.A. for their tremendous relief efforts in the aftermath of the tsunami disaster.   I understand that Citigroup and its employees have contributed more than 7.5 million dollars for the relief effort.  As of January 18, more than 15,000 of Citigroup’s employees around the world had donated more than $2.2 million to this worthy cause. The Citigroup Foundation is matching these donations with a corresponding contribution of more than $2.2 million to the Red Cross.  In addition, the Citigroup Foundation donated 3 million dollars to the effort.

I’m sure no one here will be surprised to learn that Citibank Bangladesh was not going to be left out of this effort.  I have been told that it is organizing a tsunami relief concert in the next couple of weeks to raise funds for the relief effort.

Citigroup established its presence in Bangladesh in 1987 through a representative office. The bank opened its first full-service branch in Dhaka in 1995.  It now has three branches with 82 employees serving both corporate and some individual customers.  

We, at the Embassy, are grateful for Citibank’s participation in Embassy-sponsored events.  Citibank has always participated actively in our America Week programs, and is active in the American Chamber and the annual U.S. Trade Show.  This year, the Trade Show is from February 16^th through the 18^th, and we look forward to seeing all of you there, along with Citibank.  Our America Week programs start on February 28^th in Khulna.

Citibank is recognized for its role in the Bangladeshi community as one of the most generous private sector organizations here.  The amount and variety of philanthropic activities that Citibank undertakes are too numerous for me to recount here, but I would like to highlight a couple of their most significant programs.

Citibank has been a strong advocate of micro-credit as a means of sustainable community development.  Citibank Bangladesh gave Shakti Foundation, a well-known NGO, a grant for $170,000 over two years for an infrastructure lending program to over 300 women beneficiaries. 

Citibank Foundation has been active in Bangladesh to promote education for the underprivileged.  The Foundation granted $350,000 to The Asian University for Women which we hope will one day prepare talented women of all faiths for leadership in the political, economic, social and cultural spheres.  It has also donated substantially to other education related NGOs.

I hope that the relationship between Citibank Bangladesh and the U.S. Embassy continues to grow as Bangladesh develops both socially and economically.  I congratulate all the employees and management of Citibank Bangladesh for their outstanding work and encourage all of you to continue to strive for the corporate excellence and active community participation.

Thank You.

    

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Note:  A Bangla translation of this article is also available from The American Center.  If you are interested in the translation, please call The American Center Press Section (Tel: 8813440-4, Fax: 9881677; e-mail: DhakaPA@state.gov; Website: dhaka.usembassy.gov).