Citigroup Inc. (NYSE: C) today announced that it will set up an R&D center in Israel in December. The US bank is already seeking high-tech employees for the center, which will receive a NIS 93 million five-year Israeli government grant.
The grant will come from the government's Relative Advantage plan, which offers incentives for high-tech R&D centers for the global financial industry. The Ministry of Finance and Ministry of Industry, Trade and Labor expect other foreign banks to develop Israel's financial industry. In March, Barclays Bank plc (LSE: BARC) announced that it would set up an Israeli R&D center.
Citigroup chief operations and technology officer Don Callahan said, "Citi has many development centers which support the bank's global operations, and it will add the Israeli center to its portfolio as a center of strategic innovation that focuses on the development of advanced products and applications for the capital market."