Citibank

Citibank is the consumer division of financial services multinational Citigroup.[2] Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.

The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[1] In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue. Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, Pakistan, India and the United Arab Emirates.

Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: Costco, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc., American Airlines, Shell Oil and until January 2018, Hilton Hotels & Resorts.

As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion [3] The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover loses from those investments. Eventually the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.

Citibank, N. A.
Subsidiary of Citigroup
IndustryFinancial services
FoundedJune 16, 1812 (as City Bank of New York)
HeadquartersNew York City, New York
Key people
Michael E. O'Neill (Chairman of Citigroup)
Michael Corbat (CEO of Citigroup)[1]
ProductsCredit cards
Mortgages
Personal loans
Commercial loans
Lines of credit
ParentCitigroup
Websiteciti.com

History

New York, corner between Wall Street and William Street 1798
View of the northeast corner of William and Wall streets. The house to the far right became City Bank of New York's first home at 38 Wall Street, later re-numbered as №52. (Painting by Archibald Robertson, c. 1798)
Wuhan NY City Bank
Former Hankou Offices of National City Bank (Wuhan, China)
(King1893NYC) pg719 NATIONAL CITY BANK OF NEW YORK. 52 WALL STREET, NORTH SIDE, BETWEEN PEARL AND WILLIAM STREETS
52 Wall Street, Ca 1890

The City Bank of New York was founded on June 16, 1812.[4] The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. In August 1813, with Osgood's death, William Few became President of the Bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). Ownership and management of the bank was taken over by Moses Taylor in 1837, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.[5] Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Patrick Pyne, and James Stillman (1891–1909).

In 1831 City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons.[6][7]

The bank also has the distinguishable history of financing war bonds for the war of 1812, serving as a founding member of the financial clearing house in New York (1853), underwriting the Union, during the American Civil War with $50 million in war bonds, opens the first foreign exchange department of any bank (1897), and received a $5 million deposit to be given to Spain for the US acquisition of the Philippines (1899). In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and following year it was the largest within the United States. In later years it would help finance the Panama Canal (1904) and Stillman, then the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907.

When the Federal Reserve Act allowed it,[8] National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico. By 1919, the bank had become the first U.S. bank to have $1 billion in assets.

As of March 9, 1921, there were four national banks in New York City operating branch offices: Catham and Phoenix National, the Mechanics and Metals National, the Irving National, and National City Bank.[9]

Charles E. Mitchell, also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[10][11][12][13][14][15][16][17][18][19]

In 1933, a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.[20][21][22][23][24][25] Senator Carter Glass said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."[26][27]

On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown-up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.[28]

In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in the United States.[29][30]

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at Harvard Business School in 1957, arranged the financing of the 1958 Hollywood film, South Pacific, and had its branches in Cuba nationalized in 1959 by the new socialist government, and has its first African-American director in 1969, Franklin A. Thomas.

The company organically entered the leasing and credit card sectors, and its introduction of US dollar denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card—popularly known as the "Everything Card"—in 1967.

In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.[31]

Citibank old logo
Citibank logo used from 1976 until 2001 in the United States, and internationally until 2002, designed by Dan Friedman from Anspach Grossman Portugal of New York.[32]

In 1968, Citicorp was set-up as a holding company and in 1976, First National City Bank was renamed Citibank, N.A. The name change also helped to avoid confusion in Ohio with Cleveland-based National City Corp., though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis.

In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.[33] In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer.

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. Three years later, the bank (under pressure from the U.S. government) sold this division. By 1968, the company created its own credit card. The card, known as "The Everything Card", was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card.

John S. Reed was selected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981. In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. Currently, there is no maximum interest rate or usury restriction under South Dakota law when a written agreement is formed.[34] As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota and contributed to the state holding more bank assets than any other state.[35]

In 2005, Federated Department Stores (now Macy's, Inc.), sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).[36][37]

In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.[38][39]

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.[40][41]

Early technology adoption

Automatic teller machines

In the 1970s, Citibank was one of the first U.S. banks to introduce automatic teller machines (ATMs), which gave customers 24-hour access to cash. In April 2006, Citibank signed a deal with 7-Eleven to offer Citibank customers free access to ATMs in more than 5,500 convenience stores in the United States. The 7-Eleven deal ended in 2017.[42]

Online banking

The Citibank.com domain name was registered in 1991, and initially used only for email and other internet interactions.[43] As early as 1982, Citibank pioneered online access to accounts using 300-baud dial-up only.[44] At first, access was through proprietary software distributed on a 5.25-inch floppy disk. Following the creation of the World Wide Web, Citibank offered browser-based access as well.

Expansion

Citibank footprint 2010-03
Citibank footprint
Citibank Chinatown
Manhattan Chinatown Citibank branch (New York City)
20070509 Citibank
Citibank branch on Michigan Avenue in Chicago

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion.[45][46]

In 1999, Citibank was sued for improperly charging late fees on its credit cards.[47]

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas. The deal established Citi's retail banking presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state.[48]

In 2006, Citibank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons.[49]

In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field, which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years.[50]

2008–2009 losses and cost-cutting measures by parent Citigroup

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.[51]

On November 4, 2007, Charles Prince resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending.[52] Former United States Secretary of the Treasury Robert Rubin took over as chairman, subsequently hiring Vikram Pandit as chief executive.[53]

On November 5, 2007, several days after Merrill Lynch announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007.[54]

Effective November 30, 2007, Citibank sold its 17 Puerto Rico branches, along with $1.0 billion in deposits, to Banco Popular.[55]

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down.[56]

In March 2008, Citibank set up Mobile Money Ventures, a joint venture with SK Telecom, to develop mobile apps for banking.[57] It sold the venture to Intuit in June 2011.[58]

In May 2008, the company closed an $87.5 million leaseback transaction for branches in New York City.[59]

In July 2008, Citibank Privatkunden AG & Co. KGaA, the company's German division, was sold to Crédit Mutuel.[60] On February 22, 2010, it was renamed to Targobank.

In August 2008, after a three-year investigation by the California Attorney General, Citibank was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers.[61]

On November 23, 2008, during the financial crisis of 2007–2008, Citigroup was forced to seek federal financing to avoid a collapse similar to those suffered by its competitors Bear Stearns and AIG. The U.S. government provided $25 billion and guarantees to risky assets in exchange for Citigroup stock.

On January 16, 2009, Citigroup announced that it was separating Citi Holdings Inc., its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business.[62]

2010 to present

On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients.[63][64][65]

In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America.[66]

In September 2014, Citibank exited the Texas market with the sale of 41 branches to BB&T.[67]

In September 2015, Citibank announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston.[68]

In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive.[69]

On March 1, 2017, an article in The Economic Times of India stated that Citibank may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank was “India’s most profitable foreign lender”.[70]

On March 20, 2017, The Guardian reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by an investigation named Russian Laundromat. Citibank was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank was listed as having processed $37 million of that amount, with others including Bank of America, which processed $14 million. as the bank “handled $113.1 million” in Laundromat cash.[71]

Products & Services

Citigold

Adv08 Citigold 01
Citigold account branding

Citigold is Citibank's banking product for the mass affluent demographic ($200,000 minimum in assets), available in thirty four countries,[72][73][74] with ultra high-net-worth individuals ($25 million and above in assets) being handled by Citi Private Bank.

Digital Wallet Support

Citibank cards support Samsung Pay,[75][76] Google Pay[77] and Apple Pay.[78]

Controversies

Funding of Dakota Access Pipeline

Citibank is one of the lead lenders to the developers of the Dakota Access Pipeline project in North Dakota, a 1,172-mile-long (1,886 km) oil pipeline project.[79] The pipeline has been controversial regarding its potential environmental impacts and impacts to Siouan sacred lands and water supply.[79][80] According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in."[81]

On December 13, 2016, students of Columbia University protested outside of the Citibank location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.[82]

Libor Index Settlement

Preceded by other banks involved in the Libor Scandal, Citibank in June 2018 reached a settlement with 42 U.S. states to pay a $100 million fine due to societary informative on over-night market-evaluations of the London Inter-bank Offered Rate.[83][84] Libor index is widely used as a reference rate for many financial instruments both in financial and commercial fields.

Sponsorship

Citibank sponsors Citi Field, home of the New York Mets baseball club [50] as well as the Washington Open tennis championship.[85]

Citibank became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal,[86] and a major sponsor of the Sydney Swans in 2005, who play in the Australian Football League.[87]

In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford[88] and Al Unser, Sr. Unser won the 1978 Indianapolis 500 in First National City Travelers Checks livery.

In media

  • Referred to in Rock band Cake's "Short Skirt/Long Jacket" song on the album Comfort Eagle, "... at Citibank we will meet accidentally..."
  • Political cartoonist Michel Kichka satirized Citibank in his 1982 poster ...And I Love New York. The lettering above the entrance to a New York City branch read "Citibang." Meanwhile, a stocking-wearing bank robber exits and fires shots at NYPD officers responding to the robbery.[89]

See also

References

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  84. ^ T. Visram (June 15, 2018). "Citibank fined $100 million for interest rate manipulation". cnn.com. Archived from the original on July 26, 2018. Retrieved August 6, 2018. Citibank will pay a huge fine for manipulating an important interest rate.
  85. ^ Clarke, Liz (April 24, 2012). "Legg Mason Tennis Classic getting new sponsor, venue upgrades". The Washington Post.
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  88. ^ "Johnny Rutherford in 1978". Pintrest. Retrieved March 6, 2018.
  89. ^ "....And I Love New York". Rogallery.

Further reading

  • Cleveland, Harold van B. & Thomas F. Huertas. Citibank, 1812–1970. (Harvard Business History Studies, 1985).
  • Freeman, James, and Vern McKinley. Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi (2018) 365pp. online review
  • Wriston, Walter. Citibank, and the Rise and Fall of American Financial Supremacy. (1996).
Bethpage Ballpark

Bethpage Ballpark is a 6,002-seat baseball park in Central Islip, New York that serves as the home of the Long Island Ducks, an independent minor league baseball team that is a member of the Atlantic League of Professional Baseball. Its first regular season game took place on May 14, 2000, when the Ducks played host to the Aberdeen Arsenal. The game was the first in the history of both franchises, as they both entered the Atlantic League at the same time. Bethpage Ballpark hosted the 2002, 2010, and 2018 Atlantic League All-Star Games.

Citibank (China)

Citibank (China) Company Limited ("CCCL") (Chinese: 花旗银行(中国)有限公司) was one of the first foreign banks to incorporate locally in mainland China in 2007. The Chinese unit of Citigroup has been operating since 1902 and became the first American bank to establish operations in China. An office tower, the Citigroup Tower, in Lujiazui, Shanghai is named after the bank.

The China Banking Regulatory Commission announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China. Citibank was one of nine foreign banks to have applied for the incorporation. Its subsidiary Citibank (China) was founded on 1 April 2007, and it started operations on 2 April.

Citibank (Hong Kong)

Citibank (Hong Kong) Limited (Chinese: 花旗銀行, formerly 萬國寶通銀行) is a licensed bank incorporated in Hong Kong.

Citibank (Malaysia)

Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited. Commencing its banking operations in Malaysia in 1959, Citibank Berhad was locally incorporated in 1994.

Citibank Australia

Citibank Australia was opened in 1985 and was one of the first foreign banks to be granted a banking licence in Australia, besides being one of the largest international banks in the country. Since 2001, the national headquarters have been located at the Citigroup Centre, Sydney.

Citibank currently has major centres in Melbourne, Perth, and Brisbane and employs a total of about 1,200 Australians. The parent company, Citigroup, has around a million customers in Australia and New Zealand, along with about 900 local corporate and institutional clients. David Livingstone is the Chief Executive Officer.

Citibank Canada

Citibank Canada (French: Citi Canada) is the Canadian subsidiary of Citigroup of New York City. Citi Canada is headquartered in Toronto, with offices in Calgary, London (Ontario), Montreal, Mississauga and Vancouver.

The company provides securities, cash management, treasury, trade financing, custody, clearing, securities financing, depositary receipt, trust services, corporate banking, investment banking, private banking, and credit cards.

The company has approximately 200 branches in Canada.

Citibank Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks.

Citibank Europe

Citibank Europe plc commonly known as Citibank, with its headquarters based in United Kingdom is a subsidiary of Citigroup., a multinational financial services corporation headquartered in New York City, United States. Citibank Europe is connected by a network spanning 98 markets across the world. Citibank Europe, based out of United Kingdom is the headquarters of Citibank's Europe, the Middle East and Africa region, which consists of operations in 54 countries.

Citibank Hall (São Paulo)

Citibank Hall (originally Credicard Hall) is a music theatre in the Santo Amaro neighbourhood, city of São Paulo, Brazil. It opened in January 2000, with capacity for 7,000 people. Considered to be one of the largest indoor entertainment venues in Brazil and one of the largest in Latin America. The 60th anniversary Miss Universe 2011 pageant was held on September 12 that year at the hall.

Citibank India

Citibank India is the only foreign bank in India with a full service onshore platform in the country. Its India headquarters is at Bandra Kurla Complex, Mumbai, Maharashtra. It is a subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi India comprises investment banking, advisory and transaction services, capital markets, risk management solutions, retail banking, and cards.

Citibank Philippines

Citibank Philippines is the Philippines branch of Citibank. In July 1902 the International Banking Corporation, a predecessor to Citibank, opened its first branch in Manila. Currently, it is the largest commercial bank in the Philippines.

One of its largest investments in the country is the site building in Bonifacio Global City, Taguig City.

Citigroup Philippines has 4,200 employees and 3 branches in Metro Manila and Metro Cebu.

Citibank Singapore

Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared automated teller machine (ATM) network with HSBC, State Bank of India, Maybank, The Royal Bank of Scotland, Bank of China, and Standard Chartered called atm5.

The bank's headquarters are located at Asia Square. The main branch is at Capital Square at 23 Church Street. With the QFB status, the bank was entitled to open up to 25 branches, with up to ten from 1 January 2005. Back-end operations are concentrated in Changi Business Park.

Citibank Thailand

Citibank Thailand is the Thai section of the Citigroup financial services group, established in 1985.

Citibank Tower

For Citibank Tower in Victoria, Hong Kong Island, Hong Kong, which is part of Citibank Plaza, see Citibank Plaza.Citibank Tower (Malay: Menara Citibank), is a 50 storey Class A commercial tower located close to the Petronas Towers and houses the headquarters of Citibank Syariah. The building was developed by The Lion Group and completed in 1995, and was originally named Menara Lion or Lion Tower until Citibank acquired a 50% stake and moved into the building in 2000.The building is owned by Inverfin Sdn Bhd, which is in turn, equally owned by Hap Seng Consolidated Bhd and Menara Citi Holding Co. Hap Seng Consolidated obtained its 50% stake in Inverfin in August 2009 from CapitaLand (30%) and Amsteel Corp Bhd (20%) (a Lion Group subsidiary), following IOI Group’s decision not to proceed with the acquisition of the same which it had bid for a year earlier. In May 2010, Hap Seng Consolidated indicated its interest to acquire the remaining 50% stake in building sometime in the future.

Citibank Uganda

Citibank Uganda, is a commercial bank in Uganda operating as a wholly owned subsidiary of New York-based Citigroup. It is one of the regulated banking institutions licensed by the Bank of Uganda, the national banking regulator.

Citibank United Arab Emirates

Citibank N.A., United Arab Emirates (Arabic: سيتي بنك‎) commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.

Citibank Vietnam

Citi set its first footprint in Vietnam in 1975, and then started up a representative office in Hanoi in 1993. A year later, Citi became the first U.S financial institution licensed for branch opening and full branch establishment in Hanoi a year later. Citi has two branches in Vietnam, one in Hanoi and one in Ho Chi Minh City.

Citi offers banking services including Retail Banking, Corporate Banking, Investment Banking and Global Transaction Services, including Trade and Treasury Services, and Securities and Fund Services.

Citigroup

Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries.

Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banks of the United States. It is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket.

Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup has over 200 million customer accounts and does business in more than 160 countries. It has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the U.S. government.

Citigroup Center

The Citigroup Center (formerly Citicorp Center and now known by its address, 601 Lexington Avenue) is an office tower in New York City, located at 53rd Street between Lexington Avenue and Third Avenue in midtown Manhattan. It was built in 1977 to house the headquarters of Citibank. It is 915 feet (279 m) tall, and has 59 floors with 1.3 million square feet (120,000 m²) of office space.

The building is one of the most distinctive and imposing in New York's skyline, thanks to a 45° angled top and a unique stilt-style base. It was designed by architect Hugh Stubbins and structural engineer William LeMessurier. The building is currently owned by Boston Properties, and in 2009, was renamed 601 Lexington Avenue.

KM de Vantagens Hall (Rio de Janeiro)

KM de Vantagens Hall is a music venue, in the city of Rio de Janeiro, Brazil. The venue has a capacity of 8,450 spectators, but can have four different configurations. Located in Barra da Tijuca, it is one of the major show houses of Rio de Janeiro.

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