Citigroup intends to open a technology research and development center in Israel
to support its global activities, Israeli officials said.
The U.S. bank will become the second international bank to open an R&D center in Israel after Barclays Capital.
Israel's government has granted Citi 93 million shekels ($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.