The brand new structure is an initiative led by CIIB and Confindustria Italia, the main organisation representing Italian manufacturing and services companies.
Confindustria Italia and the CIIB have had vigorous and lively relations since they signed in Rome a first collaboration agreement in April 2009.
In March 2010 CIIB became part of Confindustria and entered its group of 142 762 0companies of all sizes--employing a total of 5235 029 workers.
But the CIIB will have a significant impact far out of proportion to its size or geographic area of operation.
There are several reasons Citibank chose to open the CIIB. "We're trying to cater to market needs and demands," explains Ahmed Bin Brek, Dubai-based manager of Citibank's business operations in the Gulf.
In the more immediate future, the CIIB allows Citibank to participate more fully in a rapidly growing market niche.
Seznec agrees, adding: "It is a clever political move that will also yield bottomline results in the future, particularly in private banking." Citibank can use the CIIB to attract potential private banking clients throughout the Gulf, particularly in Bahrain and Saudi Arabia.
The CIIB will also allow Citibank to develop an internal Islamic banking expertise which can be put to use not only in the Gulf, but in South Asia, Europe and North America as well.
This work was supported by generous funding and operating grants provided to the BioMAT'X Research Group; a R&D&I unit within the CIIB (Centro de Investigacion e Innovacion Biomedica), Faculty of Medicine, as well as the Department of Oral and MaxilloFacial Surgery, through the Faculty of Dentistry, PMI (Plan de Mejoramiento Institucional en Innovacion I+D+i) and the Department for Research, Development and Innovation, Universidad de Los Andes, Santiago de Chile.
(5) Centro de Investigacion e Innovacion Biomedica (CIIB), Universidad de Los Andes, Mons.