|Headquarters||New York, NY (division of Citigroup)|
Citibank was a global stand-alone retail banking powerhouse until its parent Citicorp merged with insurer Travelers in 1998 to form the world's largest financial-services group. Citibank is now a prominent brand name within its new parent's consumer banking division.
Established almost 200 years ago, Citibank was a pre-eminent banking name first in the U.S. and later abroad until the 1998 merger with Travelers that formed Citigroup. The new parent merged it into the Citigroup consumer banking division while maintaining the strong Citibank name, which it has recently used to brand some foreign banking acquisitions.
On Sept. 29, 2008 Citigroup agreed to a takeover of Wachovia Bank in a deal backed by regulators which gave the government a stake in one of the nation's biggest banks. The takeover marked another shakeup for the troubled U.S. banking sector saddled with heavy losses from the bursting of the real estate bubble.
Products and Services
In April 2008, Citibank announced the launch of a retail brokerage unit and holding company in South Korea, where it already operates retail banking unit Citibank Korea, which plans 10 new South Korean branches in 2008. The new unit operates separately from parent Citigroup's wholesale brokerage, Citigroup Global Markets Korea Securities Ltd.
By contrast, a few days earlier news emerged that Citibank planned to sell its German banking subsidiary Citibank Deutschland (CD) before the end of 2008, with other possible European sell-offs on the table. German global banking giant Deutsche Bank is now considered the front-runner to acquire CD.
- How Citi is Organized. Citigroup.
- Citigroup To Take Over Wachovia Banking Assets, Gives US Stake. AFP.
- Citibank to Launch Brokerage, Holding Co. in S. Korea. Reuters.
- Citigroup to Sell German Unit Citibank Within Next Few Months - Report. Thomson Financial.
- Citibank Calls for Unbinding Bids by Next Week - Report. Thomson Financial.