A multinational financial Citigroup owns Citibank who founded in New York in 1812 as Now York’s 1st National City Bank. It started its operations in 1961 and considered to be one of the commercial banks of Pakistan. The bank is headquartered in Karachi and provides many products and services including finance, remittance, insurance, investments, and bank accounts.
Furthermore, there are thousands of branches of the bank including the branches of Pakistan, the USA, Mexico, Afghanistan, the UK, Australia, and many more. The total assets of the bank are estimated at 1 trillion dollars including all national and international branches situated in more than 3 thousand locations all over the globe. This article has all the information including Citibank History.
|Owner:||Multinational financial Citigroup|
|Services:||Finance, Insurance, Investment, Bank Accounts|
|Total Assets||1 trillion dollars|
|First President:||Samuel Osgood|
|First Branch:||New York|
The bank was founded in 1812 in Newyork. Samuel Osgood was the first president of the bank followed by William Few, Peter Stagg, Isaac Wright, Moses Taylor, Thomas Bloodgood, and Thomas Smith. It started finance and treasury operations during Taylor’s presidency. In 1812, it provided bonds of 50 million dollars and joined the USA national banking system in 1865.
Furthermore, it opened its first department of foreign exchange in 1897. It also provided treasury services to the government of the USA for many years. Citi Bank was the first American bank that had assets of one billion dollars in 1919 which resulted in the expansion of the bank to four branches in New York. By the year 1930, it expanded to hundred international branches excluding USA.
The headquarters of the bank which was located in Argentina was blown by Vanzetti and Sacco supporter, Severino Di Giovanni in 1927. The bank provided 3 billion dollars for Brazilian and other country’s losses. A subsidiary of the bank was established in 1990 and became the world’s top card issuer bank in New York. In 2006, the bank opened twenty-three branches in the Metropolitan region.
The bank offers commercial services to its customers all over the world including payments, Demand Drafts, treasury, marketing, loans, remittance and insurance, and Finance which includes Home Finance, Car finance and many more. Other services of the bank include the following.
1- Bank Accounts
It offers different types of bank accounts including current and saving accounts and considered to be the first bank to introduce ATM in USA. All types of accounts are made on the basis of their policy which is client-friendly. There is no limit to withdrawal and investments.
Products of the bank facilitate the customers which include the following.
- Visa Card
- Master Card
- ATM Card
- Citi – Gold Card
- Citi – Silver Card
- Shaheen Card
The bank provides remittance services to customers throughout the globe. It has made buying homes easy for its customers through the service of Home Remittance. One can easily send money and products to its relatives through the proper channel of the bank.
Citi Bank provides investment services to its clients on better interest percentages and there is no limit for investments in the bank. Investments can be made under different conditions and percentages of interest. It has already provided interest of almost 2 billion dollars to its customers and shareholders in different countries.
Loans are offered by the bank on the basis of different conditions of interest. It offers PKR 3 Lacs to PKR75 Lacs of loan services. The profit of loan interest is recorded as 7 billion dollars by the year 2016 which resulted in many controversies.
6- Corporate Finance
Corporate Finance of the bank includes many services for traders and businessmen which include Cash Finance, Running Finance, Small Finance, Trade Finance and Export Finance.
Many insurance services including life insurance are provided by the bank on different conditions which can be paid on the E-banking app of the bank.
8- Agricultural Finance
Finance services of the bank includes agricultural finance which aimed to provide technical knowledge and funds for wells, fencing, infrastructure, tractors, plantation, and solar plants to the farmers in order to increase the productions of crops in Pakistan and throughout the world.
Board of Directors
All of the Citibank branches are lead by the board of directors in the USA which are enlisted as:
- Ellen M. Costello – CEO
- Grace E. Dailey – Comptroller Citi Bank
- John C. Dugan – Chairman
- Jane Fraser Chief Executive Officer
- Peter Babej – CEO Asia Pacific
- Mark Mason – Chief Financial Officer
- Jay Jacobs – Managing Director
- Mary McNiff – Chief Compliance Officer
- Margo Pilic – Chief of Sttaff
- Gary M. Reiner – Operating Partner
- Edward Skyler – Executive Vice President
- Azenek Turek – Chief Risk Officer
- Sara Wechter – Head of Human Resources
- Mike Whitaker – Head of Operations
- Jessica Roos – Chief Auditor
- Karen Peetz – Chief Administrative Officer
- Ernesto Zedillo – Director
- Paco Ybarra – CEO Institutional Clients
Citi Bank Pakistan
- Ahmad Bozai – CCO
- Gulzeb Khan – Chief Financial Officer
The bank expanded its operations in many countries through its worldwide branches. There are many branches of the bank in Pakistan which are located in Karachi, Islamabad, and Lahore while the international branches include the following destinations.
- South Africa
The bank is owned by ten stakeholders along with different percentages. A list of the owners along their stake percent is given below.
- The Vanguard Group Inc – 7.8 %
- SSgA Funds Management Inc – 4.5 %
- Managed Account Advisors LLC – 1.6 %
- BlackRock Fund Advisors – 4.6 %
- Capital Research and Management Co – 2.4 %
- Harris Associate LP – 1.3 %
- Geode Capital Management LLC – 1.6 %
- Capital Research and Management – 2.1 %
- Norges Bank Investment Management – 1.3 %
- Massachusetts Financial Services – 1.4 %
Total assets were estimated at 6 trillion dollars in 2006 which is enlisted the top banks of the world.
Phone # +92 – 21- 3259 – 0137
Email # [email protected]
Fax # +92 – 21 – 3259 – 3604