Citibank

By: EconomyWatch Content   Date: 28 October 2009

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EconomyWatch, Content Team

 

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Citibank is the banking subsidiary of the financial products and services giant, Citigroup. It offers core and online banking services to retail and corporate customers across the globe. The 2007 data on Citibank indicates that it is the largest banking institution in the US by virtue of its holdings.

Citibank: Company Profile

Citibank has its head office in New York (US). It generates a large chunk of business from the states of California and Texas. However, it maintains considerable presence in Chicago, Miami and Washington D.C. Considered as one of the world’s largest international banks, it has over 300 branches in 50 countries across the globe.

Established in 1812 as the City Bank of New York, it later became the First National City Bank of New York and finally adopted the present name Citibank. Over the years, this group acquired several other small financial institutions to expand the banking empire and diversify its financial services.

Citibank now offers:

  • banking services

  • investments

  • loans

  • insurance

  • cards for retail and corporate consumers

In January 2009, Citigroup announced splitting into its Citicorp and Citi Holding to concentrate on specific financial services. Citicorp handles core banking services with over $1 trillion in assets and Citi Holdings deals with riskier assets such as investment and insurance services.

Citibank: Products and Services

Citibank has a wide range of products and services which are highly customized to suit individual needs of different customers spanning different countries.

Some of the common products and services offered by Citibank are:

 

Core banking: It includes traditional banking services such as:

  • savings

  • checking

  • certificate of deposits (CDs)

  • retirement plans

  • health savings accounts

Credit cards: The bank offers credit cards ranging from classic, gold, platinum to affinity credit cards with a variety of rewards programs such as:

  • cash back

  • air miles

  • gasoline rewards

Loans: Citibank has several loans offered to customers including:

  • personal loans

  • student loans

  • home loans

  • personal line

Investing: The bank has personal wealth management and investing solutions and services for:

  • consultancy

  • portfolio management

  • estate planning

  • retirement planning

  • insurance products

To provide quality customer services coupled with convenience, Citibank has a comprehensive online portal to facilitate ecommerce services. The bank offers 24x7 services online and mobile banking services as it lives up to its famous tagline ‘Citi never sleeps.’


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