MANAMA, 2 September 2007 -- Citibank Bahrain has launched a time deposit and investment bundle offering guaranteed returns on time deposits, together with a choice of 100 percent capital protected notes or mutual funds.
The investment bundle from Citibank provides a preferential time deposit rate of 10 percent per annum for one month, 8 percent per annum for three months or 7.5 percent per annum for six months for any customer who subscribes to a combination of time deposit and either capital protected note or mutual funds.
The minimum subscription of $20,000 or equivalent currency is required (minimum investment of $40,000 for structured notes) and will be split equally between the time deposit and the choice of investment instrument.
"Our bundled offer is a comprehensive product that encapsulates all the best elements of saving and investing: A market-leading rate on your time deposit for guaranteed returns, combined with access to stock market returns on your investment. This offering has been specifically designed to fit the needs of the increasingly sophisticated Wealth Management customers in Bahrain," said the bank's country head Ashish Bhugra.
"Citibank believes in using its global reach and expertise to manufacture and deliver financial products that are best suited to the local market, and to provide customers access to investment instruments that are traditionally offered to private banking clientele," Bhugra said.
Citibank Bahrain is one of the top providers of affluent banking solutions and has, over the past few years, launched a comprehensive suite of products and services that include innovative structured notes, mutual funds, Islamic investment options, hedge funds, multi-manager funds, unit linked insurance plans and CitiBest current account that pays interest of up to five percent per annum
Citibank has been in the Middle East for nearly 50 years and currently offers consumer-banking services in Bahrain, UAE and Egypt.
In the Kingdom of Bahrain alone, Citibank, the consumer banking arm of Citi, has had a presence for the past 18 years, and is expanding its major operations within the country. The bank is currently a major player in Bahrain credit card market and a leading provider of personal banking products and consumer credit services.
By Walid Mazi
© Arab News 2007
