Citi to underwrite local offerings

Citi will become the first international bank to do this.

Citi has received a license from the Israel Securities Authority to become the first international bank to underwrite public offerings in the Israeli capital market. Initially, Citi will focus its efforts on debt underwriting. In January 2006, Citi began to distribute corporate bonds to institutional investors in private placements in Israel. It has participated in 11 private placements with an approximate value of NIS 10 billion, including transactions for Africa Israel, Israel Corp. and IDB Group.