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CitiBank

An Overview

Citibank is the consumer banking division of the Citigroup. Citigroup is an American multinational financial services corporation, headquartered in New York City. At present it hold third place amongst largest bank holding companies in U.S by assets.

The network of financial services of Citigroup covers around 160 countries and has more than 16,000 offices around the globe to serve millions of customers worldwide. The main resources of Citigroup include;

  • Incredible market power
  • Substantial market share
  • Economy of scale
  • Extraordinary revenue
  • Partnership
  • Brand recognition and
  • Human capital

Citi’s e-business platform served as key resource to further pierce corporate accounts and magnify the competitive position. It internalized the web system via straight-through computerization.

As seen from resources point of view, the Citigroup is on forefront of industry due to the possession of array of assets which facilitate its success. Its other potential resources include:

  • Varied offers
  • Proven customer relationship
  • Customer focus
  • Back end and consultant capability and
  • Acquisition experience.

Citigroup has two main business divisions;

a) Citicorp and

b) Citi Holdings.

The Citicorp provide regional/global consumer banking, such as; Retail and local commercial banking, personal wealth management, branded cards, retail-partner card and asset management (in Latin America). To the Institutional clients group; it offers securities, banking and transaction services.

Citi Holdings provide asset and brokerage management, local customer lending and special asset pool.

As a consequence of the multifarious financial products and awesome services offered in variable markets serves, Citi has numerous brands.

Citi Regional Consumer Bank

It is a largest retail bank in the world serving over 100 million customers in more than 160 countries.  It consists of 5 sub-divisions;

  • Retail Banking
  • Citi Branded Cards
  • Citi Retail Services
  • CitiMortgage
  • Citi Commercial Bank

Citibank – Retail Banking

The retail banking division encompass global branch network of branded Citibank, except Mexico where it is under name of Banamex. It has thousands of branches throughout the world and clutches billion of dollars of deposits.

Citibank was established in 1812 as a consumer banking subdivision of financial services Citigroup. It started working as Bank of New York later in 1863 after joining new national banking system. As of 1868, Citibank was considered among largest banks in U.S; whereas, in 1897, it was pioneer to institute a foreign department. Till 2010, Citigroup was 3rdlargest bank holding company in U.S by total assets. In annual Banker’s award of 2013, the Citibank was honored with the award of Global Bank of the Year.

Citibank offers following great services;

  • Citibank or Citigold Checking and Savings account
  • Small Business
  • Personal Wealth Management
  • Commercial Banking

In 2011 Citi became the first bank to launch digitized smart banking. Initially it started with Washington, D.C and later extended to Tokyo, New York, and South Korea and further continued to renovate entire branches network.

Furthermore, Citibank offer Citi gold services around the globe to  well-off clients. The highest levels service, Citigold Private Client is meant for high-profiled individuals with million of dollars in liquid assets.

The Citi Branded Cards

Citi is the largest credit card issuer of the world. Citi Cards generates 40% profits with GCB. It operates over 3800-point ATM network in around 40 or more countries.

The bank launched several credit cards brands in 2011, such as; ThankYou, Simplicity cards and Executive/AAdvantage. In Latin America they launched partnership cards; whereas, a merchant loyalty scheme was announced in Europe.  Citi is also only bank approved by the Chinese regulators to provide the Chinese citizens with credit cards under their own brand name.

Credit & Debit card business

In 1960 Citibank entered cards business and started creating own brand in 1968.  The successful launches include everything card, choice card and a few others. As the expansion of network continued, new takeovers and mergers happened.

Citi Mortgage

This brand provides the services for real estate mortgage.

Citi Corporate & Investment Banking

These brands have been award winners in 2011. They provide financing and strategic products and consultative services in around 160 countries to;

  • Cosmopolitan co.
  • Financial institution
  • Local corporations
  • Governments and PVT businesses in over 160 countries.

Citi Private Banking

This serves as consultant for well-off consumers around the world. It makes use of an open architecture network containing more than 1000 investment professionals and private bankers who provide the client access to investment opportunities throughout the world. The requirement of liquid assets is abandoned for law firms and also for some clients in special circumstances.

Citi Transaction Service

Also known by the name of Global Transaction Service, Citi Transaction Service provide securities and trade service and cash management services to various companies, other financial institutions and the government.

Different financial institutions use Citi Transaction Service to bolster their treasury functionalities with global solutions for liquidity, payment collection and investments. It also offers supply chain financing solutions and medium to long term financing programs for different industries across the world

Through various acquisitions, the company has rapidly expanded to create thrift of scale and gain substantial revenue. The Citigroup possess tangible resources and further developed added incorporeal assets (e.g. technology and organizational). The human capital mainly increased during the growth phase with an idea to present extra skills, communication and continuous collaboration. The investment of company on technology and systems signify its valuable assets.

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