Citigroup

Citigroup Inc. (), operative under the name ISIC , is major financial companies in the world based with New York, resulting from the fusion of Citicorp with Travelers Group the 7 April 1998. Taking into consideration Total Forbes 2000 of March 2007, Citigroup would be more the world large company, with Financial credit adding up 2.200 billion dollars (June 2007). The company employs 332,000 people in the world, and has approximately 200 million customers in more than 100 different countries. It belongs to the Dow Jones Industrial Average since March 17th, 1997. Its individual shareholder most important (approximately 4,6% of the capital) is the prince Al-Walid of Saudi Arabia.

History

Citigroup was creates on October 8th, 1998 after the fusion of Citicorp and Travelers Group, becoming thus the largest organization of finance departments in the world. The history of the Citigroup company is thus divided between the history of all the companies which previously amalgamated with either Citicorp - a multinational of the operative banking environment in nearly 100 countries -, or Travelers Group whose principal branches of industry are: the insurance, appropriations, broking, and financing of the consumers. As such, the history of Citigroup goes back to the foundation of City Bank off New York (fame in Citibank) in 1812, of Bank Handlowy in 1870, of Smith Barney in 1873, of Banamex in 1884, and of Solomon Brothers in 1910.

Citicorp

Citicorp is the parent company of Citibank. The history of Citicorp goes up with 1812. After the agreement of the State of New York dated from the 16 June 1812, it is indeed the 14 September of this same year that was created with a capital of 2 million dollars, The City Bank off New York , an financial institution for the local tradesmen and the traders and whose seat was with Wall Street. Samuel Osgood was the first president. Well before the end of the century, it spread its wings in other States of the country like abroad. The City Bank off New York was then transformed into The National City Bank off New York in 1865 after having joined the new system of the federal banks of the United States. In 1895, The National City Bank off New York is then the largest bank of the United States. While becoming the largest contributor of the Federal fund of the State of New York in 1913, then the following year by inaugurating the first US bank with overseas in Buenos Aires, The National City Bank off New York was essential like one of the major leaders of the banking environment. In 1918, the purchase of the US bank of Overseas, International The Banking Corporation , with fact of it the most important bank of the United States with capital exceeding the billion dollar, and consequently more the large bank of trade of the world in 1929. Progressively of its development, the bank became one of leaders in terms of innovations of banking services, with the creation of Traveler' S Accounts - checks (1904), interests made up on the saving (1921), personal loans at the risk (1928), accounts - currents customers (1936) and the negotiable certificate of deposit (1961).

From 1902, the international expansion was concretized by the opening of agencies to London, Shanghai, HongKong, Yokohama, Manila and Singapore. In the years 1930, the bank counted already more than 100 agencies in 23 country before the Second world war temporarily does not force it to curb its activities in Europe and Asia. The internationalization of the bank was however well moving. City Bank became more the large bank of the United States, off changed its name into The First National City Bank New York in 1955 shortened by First National City Bank at the time of the 150e birthday of the creation of the group in 1962. It will benefit from it to transfer its new principal seat in the building characteristic of Park Avenue which defines the silhouette of New York.

Logic wanted that the First National City Bank is also interested it in the sectors of the bank card and leasing, and, its introduction into the certificates of deposits to London marked the beginning of the new instruments of negotiation of the market since 1888. Becoming then the MasterCard , the group launched its credit card First National City Charge Service in 1967, popularized under the name of " The Chart with all faire".

In order to support a new expansion of its activities, the institution created in 1968 a holding made up of only one bank. In 1974, it renamed it Citicorp , whose principal subsidiary company is not other than Citibank . A little later the bank launched Citicard, which was pionnière in the use of the vending machines 24:00 /24h.

In its expansion, the bank acquired in 1981 the company of credit cards Narre Warren-Caroline Springs. John S. Reed was elected Managing director in 1984, and ISIC then became a founding member of CHAPS (Clearing House Automated Payment Service) in London. Under its direction and during 14 years, Citibank became most important of the United States, the largest supplier of credit cards in the world, and extended its offer to more than 90 countries.

Travelers Group

Travelers Group , at the time of fusion, was a group diversified in the medium of the finance which was unified by chairman Sandy Weill. Its roots come from Commercial Credit , a subsidiary company of Control Dates Systems which was returned deprived by Weill in November 1986 after having taken the control of the company earlier in the year. Two years later, Weill undertook of the repurchase of Primerica - a conglomerate which had already the life insurance HAS L Williams and also Smith Barney. The new company took the name of Primerica, and functioned according to a strategy of " cross-country race-selling" , i.e. each entity of the company-mother sold her services with the other subsidiary companies.

Fusion Citicorp - Travelers Group

In the month of April 1998, Citicorp announced its intention to amalgamate with Travelers Group, a mainly active holding in the insurances, but which also counts Solomon Smith Barney (today Smith Barney) and Primerica among its activities. October 8th, 1998, this fusion was carried out to thus form Citigroup, one of the largest services companies financial in the world, with 200 million customers in more than 100 countries.

Governorship

at November 5th, 2007
  • Michael Armstrong, Former president, Hughes, AT&T and Comcast
  • Alain Belda, President and chairman, Alcoa
  • George David, President and chairman, United Technologies Corporation
  • Kenneth T. Derr, Former President, Rafter Corporation
  • John Mr. Deutch, university Professor, Massachusetts Institute off Technology, former head of the CIA
  • Roberto Hernández Ramírez, President, Banco Nacional of Mexico City
  • Ann Jordan, Consultant
  • Andrew NR. Liveris, President and chairman, The Dow Chemical Company
  • Dudley Mecum, Manager, Capricorn Holdings LLC 1
  • Anne Mulcahy, President and chairman, Xerox
  • Richard D. Parsons, President and chairman, Time Warner
  • Charles Prince, executive Chief, Citigroup
  • Judith Rodin, President, of the Foundation Rockefeller
  • Sir Winfried Bischoff, Description (in English), current Executive Chief of Citigroup, President de Citigroup Europe
  • Robert E. Rubin, President of the committee executive and assistant of the president, Citigroup
  • Franklin A. Thomas, Consultant, TFF Study Group
  • Sanford I. Weill, Former President, Citigroup

Financial data

Source: “OpesC”

Subsidiary companies

  • Citibank, supplier of banking products
  • Banamex, more the Mexican large bank
  • Banco Cuscatlan, the largest bank of El Salvador
  • Banco Uno, the greatest agency of credit cards in America exchange
  • Citimortgage, mortgage deeds
  • CitiInsurance, insurer
  • Citicapital, institutional finance departments
  • Citifinancial, produced financial the such subprimes
  • Citigroup Alternative Investments, management of the world richnesses
  • Dinners Club, credit cards
  • Primerica, sale direct of services financial
  • Smith Barney, services of investments, sale of services of broking, services to private customers, and in the past the mark used by the bank of investment
  • CitiCards, credit cards
  • Credicard/Credicard ISIC, credit cards of businesses in Brazil

Citigroup recently acquired the Egg mark when it repurchased Egg Banking plc, largest on Internet, in Prudential.

See too

Companies absorptive by Citigroup

  • City Bank off New York 1812 (company founder)
  • Farmers' Fire Insurance Loan Company 1822
  • Merchants Exchange Bank in the City off New York 1829
  • First National Bank off the City off New York 1863
  • The Travelers Life and Accident Insurance Company 1864
  • Kuhn, Loeb & Co. 1867
  • Charles D. Barney & Co. 1873
  • Ferdinand Solomon 1880
  • Hayden Stone & Co. 1892
  • Rhoades & Co. 1898
  • Shearson Hammill & Co. 1902
  • E.F. Hutton & Co. 1904
  • Solomon Brothers 1910
  • Commercial Credit 1912
  • Casing, Berlind, Potoma & Weill 1960

Competitor

related Articles

  • Classification of the companies leader of the banking environment

external Bonds

  • Official site of Citigroup
  • Citibank France
  • Citibank Belgium
  • Citibank Canada
  • Statistical financial and economic of Citigroup on Boursorama

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