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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 by total assets.
Citibank has retail banking operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, San Francisco/Silicon Valley, and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, Dallas, and Washington D.C. metropolitan areas, albeit with a mixed record of success. It was reported that Citigroup executives were pleased with the performance of the Boston branches, but were less impressed with the Philadelphia experiment, according to a person familiar with the situation.
In India, Citibank has been operating since 1902. The bank is present at 28 locations as of April 13, 2009. These locations include Jalandhar, Ludhiana, Chandigarh, Noida, Delhi, Gurgaon, Faridabad, Lucknow, Jaipur, Ahmedabad, Vadodara, Indore, Bhopal, Surat, Nashik, Aurangabad, Akola, Bhubaneshwar, Kolkata, Vapi, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Pondicherry, Cochin and Coimbatore.
On September 24, 2009, The Wall Street Journal reported that Citi planned to narrow the focus of Citigroup’s U.S. branch network to just six major metropolitan areas, including New York, Washington, Miami, Chicago, San Francisco and Los Angeles, where Citi has a substantial presence but ranks no higher than No. 3 in deposits. The article also noted that Citi could abandon or scale back where it is an also-ran, including Boston, Philadelphia and parts of Texas, according to people with knowledge of the discussions.
In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products. Their online services division is among the most successful in the field, claiming about 15 million users.
As a result of the Global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U.S. government under plans agreed for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion.
Products and Services in India
The bank offers a variety of services and products under the Personal Banking, NRI Banking and Corporate Banking categories.
Personal Banking
The services offered by the bank under Personal Banking are Loans and Credit Cards, Regular Banking services such as savings account, business banking solutions including Personal Wealth Management and investment options such as Mutual Funds and Demat Services. The bank also offers various insurance solutions and hi-tech banking services such as Online Bill Pay, Pre-paid Mobile Recharge, Internet Banking and CitiAlert account statements on the mobile phone.
NRI Oriented Services
For its Non-Resident Indian (NRI) customers, Citibank provides a wide range of services including Rupee Checking Account, Money Remittance, Investment solutions and Home Loans for the NRIs.
Corporate Banking Solutions
Citibank also pays specialized attention to its corporate customers in India through its Corporate Banking services, which comprises of an array of customized banking solutions tailor-made according to the needs of its corporate customers in India. These services include Cash Management, Trade Services, Loans, Securities and Fund Services, and Investment Banking services.
Global Commercial Bank Services
Citibank also offers Global Commercial Bank services through its Commercial Relationship Banking wing and Global Subsidiaries Group. The Commercial Relationship Banking services are aimed at helping the Small and Medium Enterprises (SMEs) and Mid Market Enterprises, while the Global Subsidiaries Group provides comprehensive banking services for the top multinational corporates and their subsidiaries in India.
Citi’s Global Presence
Africa
Algeria, Angola, Cameroon, Conga, Egypt, Gabon, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Senegal, South Africa, Tanzania, Tunisia, Uganda, Zambia.
Asia Pacific
Australia, Bangladesh, Brunei, China, Guam, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, Nepal, New Zealand, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Vietnam.
Central America/Caribbean
Bahamas, Barbados, Bermuda, Cayman Islands, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Panama, Puerto Rico, Trinidad & Tobago, Virgin Islands.
Europe
Austria, Belgium, Bulgaria, Channel Islands, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kazakhstan, Luxembourg, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom.
Middle East
Bahrain, Israel, Jordan, Lebanon, Oman, Pakistan, United Arab Emirates.
North America
Canada, Mexico, United States.
South America
Argentina, Aruba, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Venezuela.
Corporate Office – India
Citigroup Center,
7th Floor,
C-61, Bandra Kurla Complex,
G, Block,
Bandra(East),
Mumbai. 400 051
India
Tel: +91-22-40015757/26532325
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