Azerbajan, Baku, Feb. 2 / Trend /
The U.S. Citibank has shut down accounts of some Tajik banks, Asia-Plus reported with reference to the National Bank of Tajikistan (NBT).
According to NBT, the closure of Tajik banks' accounts is due to financial difficulties of the American bank.
"Citibank has severed correspondent banking relations with banks that are carrying out small banking transactions," NBT representative said.
"These problems occurred not only with Tajik banks, Citibank has severed correspondent banking relations with small banks in other countries as well," he added.
Tajik banks are able to establish correspondent banking relationships with other American banks, the source noted. "The Citibank's decision to sever correspondent banking relationship with Tajik banks bears no relation to economic sanctions imposed by Western countries on Iran.".
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citigroup is reportedly the third largest bank holding company in the United States by total assets, after Bank of America and JP Morgan Chase.
Citibank has retail banking operations in more than 100 countries worldwide. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas.
Edited by V. Zhavoronkova