US embassy cable - 03TEGUCIGALPA1673

UNCLAS TEGUCIGALPA 001673 
 
SIPDIS 
 
STATE FOR EB/CBA SMITH-NISSLEY 
 
E.O. 12958: N/A 
TAGS: BEXP, ETRD 
SUBJECT: TEGUCIGALPA, HONDURAS - DUE DILIGENCE FOR THE 
SECRETARY OF STATE'S 2003 AWARD FOR CORPORATE EXCELLENCE 
 
SIPDIS 
 
REF: A. TEGUCIGALPA 1015 B. SECSTATE 198145 
 
1. (U) Post appreciates State's further consideration of 
Citibank, Banco de Honduras for this year's Secretary's Award 
for Corporate Excellence.  We blieve this corporation is 
deserving of the award for its outstanding demonstration of 
corporate citizenship, community development, and equal 
employment practices.  Post offers the following responses to 
ref b: 
 
A)  We are unaware of any possible downside or embarrassment 
caused by the selection of Citibank, Banco de Honduras should 
it be chosen. 
 
B)  Banco de Honduras receives administrative support from 
Miami, and indirectly supports job creation in U.S. companies 
that serve as clients. 
 
C)  Citibank, Banco de Honduras is a financial institution 
which works with all US based companies located in Honduras, 
providing various financial services and financing 
development projects in Honduras which lead to increased U.S. 
exports.  One current example is Citibank's syndication of 
financing of a 210MW electricity generation project being 
completed by a Honduran company.  The project is likely to 
spur U.S. exports of both capital goods and services. 
 
D)  The labor conditions in the bank are considered 
excellent.  There is a strong sense of teamwork within the 
institution as many employees contribute time and personal 
financial resources to Citibank, Banco de Honduras' many 
philanthropic activities (ref a).  The workers are not 
unionized.  The compensation plan is extremely competitive 
for the local market. 
 
2. (U) Please do not hesitate to contact post's economic 
officer in charge of commercial affairs, Nicholle Urdaneta at 
011-504-236-9320 ext. 4634 or urdanetanm@state.gov should you 
have any further questions. 
Palmer