Citi to open R&D center in Israel
US bank plans to inaugurate technology research and development center in December in bid to support its global activities
Citigroup intends to open a technology research and development center in Israel
in December to support its global activities, Israeli officials said on Sunday.
The US bank will become the second international bank to open an R&D center in Israel after Barclays Capital.
Israel's government has granted Citi NIS 93 million (about $25 million) over five years to help finance the center.
"Citi ... will add Israel to its portfolio of a center of strategic innovation that will focus on the development of advanced products and applications for the capital market," Don Callahan, Citi's chief operations and technology officer, said in a joint statement with Israel's Finance and Industry ministries.
Last year, Israel's government launched a plan to try and attract financial services sector firms to Israel.
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