Citibank Maghreb S.A. "Citibank Maghreb" has been operating in Morocco since 1967 as a majority-owned fully licensed banking subsidiary of Citibank N.A. ("Citi"). With two branches in Casablanca and Rabat, Citibank Maghreb is member of GPBM (Groupement Professionnel des Banques au Maroc) and has direct access to local regulatory bodies, notably the Foreign Exchange Control Office and market infrastructures for our securities funds business. Citibank Maghreb was the first bank in Morocco to introduce e-banking for cash management and FX hedging, allowing its clients to consult their accounts, initiate payments through an online and real-time system and execute FX transactions online. All systems are state-of-the-art, fully integrated Citi systems used by the bank globally. We are the only U.S. bank with a licensed presence operating in Morocco.