April 3, 2013 / 12:20 PM / 4 years ago

Citigroup opens lab for financial data intelligence in Israel

TEL AVIV, April 3 (Reuters) - Citi Global Markets has opened a lab for financial data intelligence in Israel within the bank's technology innovation centre, Citigroup Inc said on Wednesday.

The lab will lead projects of complex processing in large real time data and is headed by Oren Glickman, who was previously director of research at Shopping.com.

The financial data intelligence lab will be one of the main focus areas of the innovation centre in 2013 and is expected to grow considerably, Citi said in a statement.

Lyron Wahrmann, head of Citi's innovation centre in Israel, said the new lab will enable the bank to develop new business opportunities and lower business costs.

"Big data analysis is set to become an ever more critical element in our business," said Anil Prasad, Citi's global head of foreign exchange and local markets. "Giving clients advice on the market and what it's going to do and providing them the ability to hedge or invest ... makes our business better."

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