Citibank, the consumer banking branch of Citigroup Inc., is one of the leading international banks. Citigroup Inc. is the 3rd largest American bank holding company, after the Bank of America Corporation and JP Morgan Chase & Co.
Citibank locations can be found in over 160 countries of the world. In the United States of America, its offices are situated, for the most part, in Chicago, New York City, Washington, D.C., San Francisco, Los Angeles, Boston, Miami, Dallas and Houston. Altogether Citibank has over 1,400 offices.
Citibank offers all kinds of banking transactions, credit cards, insurance, various investment products, etc. It has a very successful online services department serving more than fifteen million customers from different countries.
Landmarks in the History of Citibank
- 1812 – On June 16, City Bank of New York (future Citibank) is founded. Samuel Osgood is its first President. The bank’s owner Moses Taylor takes over management.
- 1863 – City Bank of New York joins the newly launched national American banking system and shortly after that it is renamed National City Bank of New York.
- 1868 – The bank becomes one of the major U.S. banks.
- 1897 – City Bank is the 1st American bank to open a foreign office.
- 1901 – 1902 – The bank starts working in Shanghai, London and Calcutta.
- 1914 – National City Bank establishes its department in Buenos Aires, Argentina.
- 1918 – IBC is merged into City Bank and becomes its subsidiary.
- 1919 – National City Bank of New York is the 1st American bank that has one billion dollars in assets.
- 1921 – Charles E. Mitchell is named President of National City Bank.
- 1927 – On the 24th of December, Severino Di Giovanni, an Italian anarchist, blows up the bank’s head office in Buenos Aires.
- 1929 – Charles E. Mitchell becomes chairman of the bank.
- 1930 – City Bank owns one hundred locations in more than twenty countries.
- 1952 – James Stillman Rockefeller is elected President of National City Bank of New York.
- 1955 – The bank merges with First National Bank and its name becomes The First National City Bank of New York.
- Early 1960s – City Bank enters the credit cards market.
- 1962 – The bank’s name is shortened to First National City Bank.
- 1967 – First National City Bank introduces its credit card – First National City Charge Service that is usually called “Everything Card”.
- 1976 – The bank is renamed Citibank, N.A. It is already a bank holding company and a subsidiary of Citicorp. A bit later Citibank launches its Citicard that allows making any transactions without passbooks. The bank’s departments have terminals providing account information.
- Late 1970s – City Bank launches its first automated teller machines (ATM). The customers can make deposits and get cash using their Citicards.
- 1984 – John S. Reed is elected CEO of Citibank. During the next fourteen years Citibank becomes the largest U.S. bank. It has offices in more than ninety countries and issues more credit cards than any other bank in the world.
- 2002 – Citibank purchases California Federal Bank’s assets. Citicorp purchases Golden State Bancorp.
- 2004 – Citibank acquires First American Bank of Bryan and renames it Citibank Texas.
- 2006 – Citibank places ATMs in about 6,700 7-Eleven stores around the United States.
- 2007 - 2009 – The bank suffers huge losses and conducts staff reductions.
- 2009 – Citigroup splits into Citicorp (banking business) and Citi Holdings (brokerage, consumer finance, asset management, etc.).
- 2008 – The Government of the USA gave Citibank the aid of billion. By now, the bank has repaid the loans completely.
Now Citibank is a worldwide known banking institution with 200 years history. Citibank locations
work in one hundred sixty countries and in more than one thousand cities. They serve millions of customers all over the world.
Citibank owns a powerful website Citibank.com, providing useful information about all the companies of the Citigroup family. Its registered visitors get access to a number of financial services: managing credit cards, lending, investing, business banking, etc.
The convenient Citibank locator helps to find the nearest Citibank department.