BANKING

Citibank Reopens Branch in South Africa: Bank executives formally inaugurated the company’s new South African office, eight years after Citibank closed its subsidiary in the country. The branch will concentrate on activities such as foreign exchange and derivatives products, cash management, trade finance and corporate deposits. The company had previously operated a subsidiary in South Africa for nearly 30 years. The No. 1 U.S. bank holding company left the country in 1987 because of difficult business conditions. South Africa formerly had a policy of racial separation known as apartheid.