|
|
| Home » Citibank » History |
|
|
Citibank History |
Citibank, formerly known as City Bank of New York was established on June 16, 1812 with a total capital of $2 million. The headquarters of the Citibank NA is located in New York and it started business in the city itself. During its long history of about 200 years, Citibank has gone through many acquisitions and developments that have expanded the reach of the organization across the world. Samuel Osgood was elected as the first president and he controlled the activities of the bank from 1812-1813. In 1929, Farmers' Fire Insurance and Loan Company, the first trust company in the United States, merges with Citibank.
City Bank becomes The National City Bank of New York following the joining of the bank with the new U.S. national banking system in 1865. It also became the first major bank in the country to establish a foreign department in 1897 and also started foreign-exchange trading activities in the same year. On November 10, 1914, Citibank inaugurates its first foreign branch in Buenos Aires, Argentina. With the end of 1939, the bank had already opened 100 offices in about 23 countries outside the United States. Later in 1976, the First National City Bank was changed to Citibank N.A. signifying the national association.
During 1982 to 1984, Citicorp becomes the largest bank holding company following the acquisitions of savings and loans in Florida, California, Illinois and Washington D.C. It also became the largest banking institution in the U.S. in 1992 with operations in over 90 countries. The merger between Travelers Group divisions and Citicorp on October 8, 1998, led to the foundation of Citigroup Inc.
|
|
|
Citibank History in India
In 1902, Citibank established its subsidiary in India at Kolkata. Later its branches were opened in metropolitan cities like Bangalore, Chennai, Delhi, Hyderabad and Mumbai. Today, the bank has 42 full service branches located in 30 major cities of the country. It is also the largest foreign direct investors for financial services in India. Citibank is the largest taxpayer among all the international financial institutions. Now, the bank is headquartered in Mumbai and it offers several banking products and services including loans, investments, credit cards, NRI banking and insurance.
Citibank History in Malaysia
Citibank Berhad is the licensed division of Citigroup, located in the United States, and operating in Malaysia. Citibank has its presence in Malaysia since 1959 however; it was incorporated in the country in 1994 only. The financial services firm offers retail as well as corporate banking services in the nation. The headquarters of the bank is located on Jalan Ampang in Kuala Lumpur. For more comprehensive information on Citibank historical stock prices and market cap, visit the official website of the bank.
Website: http://www.citigroup.com/citi/corporate/history/citibank.htm
|
Advertisement
|
|
|