Citibank is scheduled to open an Islamic bank in Bahrain this summer, making it the first money-centre bank
to set up an Islamic institution.
At 47, Citigroup shares trade at a significant 15 per cent discount to its book value, unlike its money-centre bank
peers JPMorgan, Bank of America and Wells Fargo, who all trade at tangible book value multiples of 1.5, 1.3 and two, respectively.
I am bullish on Japanese money-centre banks
(known as "city banks" in Dai Nippon).
It said that it is expecting the creation of a few large money-centre banks
and a larger number of 'super-regional' banks.
All the big banks specializing in international-funds transfer are called money-centre banks
-- some of the biggest process up to $1 trillion in wire transfers per day.
Healthcare/biotech, software, US domestic shares, money-centre banks
After all, at 600 pence, my valuation paradigm tells me I am buying one of the world's pedigreed international money-centre banks
at all of one times forward book value.