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Citibank signs Egyptian deal

Citibank Egypt's corporate customers in Egypt can now use The Principle Bank for Development and Agricultural Credit (PBDAC) countrywide branch network after the two banks signed an agreement.

As a first phase, Egyptians working abroad will be able to perform worker remittance payments to beneficiaries in Egypt through 200 PBDAC branches across the country. The agreement also supports the extension of services to corporate clients of Citibank Egypt in the execution of cash payments, and the local encashment of cheques. This service will eventually be extended to all of PBDAC’s 1500 branches.

Citigroup Global Transaction Services, a business of Citigroup Corporate and Investment Banking, provided the technical support necessary to make this service available. Citigroup will also be conducting training for some employees of PBDAC, focusing on technical support and customer service.

Michel Accad, Citigroup division head for the Middle East and north Africa said: Citigroup is pleased to be partnering with PBDAC to deliver increased service and support for our corporate clients and Egyptian citizens abroad and in the country.