Citigroup's (C) Citibank signed separate memorandums of understanding with Kyrgyzstan's finance ministry and two state-owned banks, Eldik Bank and ABank, to expand financial and banking cooperation, the country's presidential office said Tuesday.

The documents were signed during a meeting between Kyrgyz President Sadyr Japarov and Citibank Managing Director Stefanie von Friedburg in New York on Monday. Potential areas of cooperation include international settlements, investment cooperation and expanding Kyrgyz banks' access to international financial infrastructure, the statement said.

The parties discussed establishing new correspondent banking relationships between the state-owned banks and Citibank, as well as the possibility of opening a Citibank branch in Kyrgyzstan, according to the statement.

Citibank representatives expressed interest in exploring participation in projects being developed in the country, the president's office said.

Citibank did not immediately respond to requests for comment from MT Newswires.