Nearly six decades after first setting up shop in Pakistan, Citi has quietly amassed a local balance sheet exceeding $1 billion, a milestone that underscores the bank's deepening commitment to a market often buffeted by economic turbulence. The figure, recorded at the end of last year, spans both assets and liabilities, painting a picture of sustained engagement rather than mere presence. Main Developments Citi's country-specific balance sheet climbed past the billion-dollar threshold as of June 30, 2026, according to Shahmir Khaliq, the bank's Head of Services, during a recent visit to Pakistan. That portfolio is built on a full financing book serving client groups, with both sides of the ledger active — assets include the lending operations, while liabilities reflect deposits and other obligations. Read also: FIFA Weighs 64-Team World Cup Expansion for 2030 The bank's financing machinery extends far beyond Pakistan's borders, facilitating nearly $1 trillion in global financing annually. This includes import and export financing, plus export credit agency support, often channeled through Development Finance Institutions (DFIs) or government-owned export agencies that help equipment manufacturers enter emerging markets or regions undergoing infrastructure build-out. In Pakistan, the strategy mirrors this global playbook, providing financing lines that support clients on both the import and export sides. The bank's client roster encompasses multinational corporations (MNCs), large local corporates, banks, broker-dealers, and the Government of Pakistan, along with the State Bank of Pakistan. Background Citi's roots in Pakistan stretch back to 1961, making it one of the longest-standing international banks in the country. Over those 65 years, the bank has weathered multiple economic crises, adapting to vastly different macro environments — from stressed conditions to more favorable periods — yet maintaining its operational presence throughout. Pakistan represents a significant market within Citi's global network, which spans 90 countries. The country's population of 250 million and its status as a hub for multinational activity make it a strategic priority, particularly for the bank's services division, which handles treasury, hedging, capital market access, and advisory services. Why It Matters The billion-dollar milestone signals confidence in Pakistan's financial system despite its history of volatility. For multinationals operating in the country, having a global banking partner with substantial local balance sheet capacity is crucial for managing working capital, trade finance, and term lending needs. Khaliq stressed that Citi's target market in Pakistan is multinationals, meaning the bank's growth is tied directly to theirs. If import growth stems from these corporations, Citi's book stands to benefit, though the bank also competes with local and international peers for this business. The franchise remains profitable, a point the bank's leadership emphasized, and its ability to serve major clients is seen as vital to their continued operations in the country. What's Next The Pakistani government has issued new Requests for Proposals (RFPs) to raise financing through Eurobonds and Sukuk in global capital markets. Citi intends to leverage its global footprint to help the government access these incremental capital avenues, positioning itself as a key intermediary in the country's external financing strategy. Looking ahead, the bank's focus is on continued execution and growth, with an eye on technological advancement. Citi is investing in AI, tokenisation, and blockchain to enable real-time, digital, and more efficient cross-border money movement and liquidity management — capabilities that could reshape how it serves Pakistani clients in the years ahead.