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OVERVIEW

Type Subsidiary (of Citigroup)


Founded 1812
Headquarters New York City, New York
Key people Vikram Pandit —
CEO;Gary Crittenden —
CFO;John Ferderson —
COO;William R. Rhodes —
Industry Finance Products Financial Services
Website Citibank.com

INRODUCTION

Citibank is the consumer banking arm of financial services giant Citigroup. Citibank was founded in
1812 as the City Bank of New York, later First National City Bank of New York. As of June 2009,
Citigroup is the third largest bank holding company in the United States

Citibank has retail banking operations in more than 100 countries and territories around the world.

HISTORY

Founded in 1812 as the City Bank of New York, ownership and management of the bank was taken
over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the
19th century.
In 1863, the bank joined the U.S.'s new national banking system and became The National City Bank
of New York.

Following its merger with the First National Bank, the bank changed its name to The First
National City Bank of New York in 1955, then shortened it to First National City Bank in 1962.

ACHIEVEMENTS

Automated banking card

Shortly afterward, the bank launched the Citicard, which allowed customers to perform all transactions
without a passbook. Branches also had terminals with simple one line displays that allowed customers
to get basic account information without a bank teller.
Credit card business

In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought
Carte Blanche from Hilton Hotels.

However after three years, the bank (under pressure from the U.S. government) was forced to sell this
division. By 1968, the company created its own credit card.

Automatic teller machines

Citibank was one of the first U.S. banks to introduce automatic teller machines in the 1970s, in order to
give 24-hour access to accounts.

ECONOMIC CRISIS OF CITI BANK

Citi reported losing $8–11 billion several days after Merrill Lynch announced that it too has been
losing billions from the subprime mortgage crisis in the US.

On January 16, 2009 Citigroup announced that it was splitting into two companies. Citicorp will
continue with the traditional banking business while Citi Holdings Inc. will own the more risky
investments, some of which will be sold to strengthen the balance sheet of the core business; Citicorp.
The idea behind splitting into two companies is so Citigroup can dump "the dead weight" on Citi
Holdings, allowing the prime assets of Citicorp to operate away from that of the toxic assets

OTHER BUSINESS OF THE CITI GROUP

According to the Citigroup website, until October 2006, Citibank ran the following subsidiaries:

• Citibank, N.A.(National Association) - The "original" Citibank, primarily doing business in


New York State and the tri-state New York City metropolitan area. Also the parent company of
the other subsidiaries.
• Citibank Canada.
• Citibank Texas, N.A. - The former First American bank.
• Citibank (West), F.S.B. - The former Citicorp Savings (a savings and loan operating in
California), as well as the former California Federal Bank and Golden State Bank.
• Citibank, F.S.B. - The primary Citibank subsidiary serving all other states, based in Chicago.

OWNERS OF CITI BANK (DIVISIONAL OWNERSHIP)

• 36.0 % - United States Government


• 11.1 % - Government of Singapore Investment Corporation (GIC)
• 6.0 % - Kuwait Investment Authority
• 4.9 % - Abu Dhabi Investment Authority (ADIA)
• 4.3 % - Kingdom Holding Company /Saudi Arabia
INTERNATIONAL SUBSIDARIES OF CITI BANK

• Citibank Algeria
• Citibank Argentina
• Citibank Australia
• Citibank Bolivia
• Citibank Bangladesh
• Citibank Brazil
• Citibank Chile
• Citibank (China)
• Citibank (Colombia)
• Citibank (Egypt)
• Citibank (Greece)
• Citibank (Hong Kong)
• Citibank India
• Citibank Indonesia
• Citibank Japan
• Citibank Malaysia
• Citibank Pakistan
• Citibank Peru
• Citibank Philippines
• Citibank Russia
• Citibank Singapore
• Citibusiness Singapore
• Citibank Singapore IPB
• Citibank South Korea
• Citibank Taiwan
• Citibank Thailand
• Citibank Venezuela
• Citibank Vietnam