Benzinga | Sep 27, 2021 08:34AM EDT

Citi Launches Tech Hub In Bahrain: Zawya

* Citigroup Inc (NYSE:C) launched a global technology hub at its Bahrain offices in collaboration with government-funded labor fund Tamkeen and Bahrain's Economic Development Board (EDB), which are also investors, Zawya reports.

* Citi will hire a minimum of 100 people in coding-related roles each year over the next ten years for the bank's leading platforms, Citi Velocity and Citi FX Policy.

* Tamkeen will subsidize a portion of the salaries and cover training costs locally and abroad.

* The heavily indebted Bahrain received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.

* Price Action: C shares traded higher by 1.15% at $72 in the premarket session on the last check Monday.