The Importance of Financial Planning : How Citi Bank is leading Digital Banking Innovation

Introduction to Citi Bank

Citibank, N.A. (“N. A.” stands for “National Association”;) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. The bank has branches in 19 countries.The U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

Incorporation – The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. Citibank began operations in 1902 in Calcutta (Kolkata).

Founder Details of Citi Bank

Samuel Osgood founder of the Citibank. Samuel Osgood born on February 3, 1747 was an American merchant and statesman born in Andover, Massachusetts, currently a part of North Andover, Massachusetts. His family home still stands at 440 Osgood Street in North Andover and his home in New York City, the Samuel Osgood House, served as the country’s first Presidential mansion.Samuel attended Dummer Academy (now The Governor’s Academy), and then Harvard College, where he studied theology and graduated in 1770. Later, he returned to Andover to follow a mercantile career.

He joined the local militia, was elected to represent the town in the colonial assembly, and in 1775 to the provincial congress that functioned as a revolutionary government.The Provincial Congress named Osgood to the Massachusetts Board of War and he served there until 1780 when the government was reorganized. He was a member of the New York State Assembly in 1800-01 and 1802, and was Speaker in 1800-01. In 1803, he was appointed by President Thomas Jefferson as Naval Officer of the Port of New York, a position he held until his death. For the last year of his life, he was president of the new City Bank of New York. Osgood died in New York City in 1813.

Mission and Vision

Mission

Company states that its mission is to serve as a trusted partner to their clients by responsibly providing financial services that enable growth and economic progress. Their core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. They  have 200 years of experience in helping their clients and meeting the world’s toughest challenges and embrace its greatest opportunities. They are the global bank institution connecting millions of people across hundreds of countries and cities.

Vision

The Company believes that excellence in consulting requires client advocacy and stewardship, a passion for leading-edge investment solutions and the delivery of experienced consulting services in a way that helps them exceed their client expectations every day.

Services of the Citibank

• Liquidity Management

Help move, manage, and invest balances efficiently, while managing risk and optimizing financial outcomes.

• Payments

Deliver a consistent and connected Global Payments experience powered by agile and scalable solutions.

• Trade & Working Capital Solutions

Our digitally-enabled Trade strategies and solutions help buyers and suppliers manage complexity.

• Securities Services

Manage complexity, mitigate risk, and make capital work across the entire investment ecosystem.

Funding and Investors of Citibank

Citibank has made 50 investments. Their most recent investment was on Oct 7, 2024, when Spark Systems raised

 Citi bank – Growth and Revenue

For the fiscal year ended March 31, 2022, Citibank India reported a Profit After Tax of ~INR3,727 crores. Revenue in the second quarter came in at $20.1 billion, up 4% from a year earlier, buoyed by a $400 million gain from the conversion and partial sale of Visa stock in May.

Citi Bank – Awards and Recognitions

As in 2022, the bank bagged a host of prestigious awards and recognitions from many global and regional platforms. It was bestowed the titles of Best Bank-Global and Best Corporate & Institutional Adviser-Global at the Asset Country and Regional Awards. It did exceptionally well at the IBA Banking Technology Awards, grabbing Best Technology Bank (Foreign Banks) and Best Cloud Adoption (Foreign Banks). Additionally, it was named Best Investment Bank in India at the Euromoney Awards for Excellence. At the Asiamoney Best Bank Awards, it was named Best International Bank. Further, consolidating its leadership, it emerged as the Greenwich Share Leader among foreign banks in Indian Large Corporate Banking, having achieved a phenomenal 44 per cent market penetration. It also finished at the top in the Indian Middle Market Banking segment. It is being recognized as the Greenwich Quality Leader in both Indian Large Corporate Banking and Indian Middle Market Banking. At the 2022 Greenwich Excellence Awards for Indian Large Corporate Banking, it has been recognized for its Knowledge of International Banking Needs and as Product Specialists Coordinator. Lastly, it has been named a Greenwich Quality Leader 2022, Asian Large Corporate Trade Finance-India.

Citi Bank – Competitors

• Wells Fargo
• Goldman Sachs
• JPMorgans chase & Co
• Bank of America

Conclusion

Citibank is the third largest bank in the United States in terms of Assets. Citibank’s core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of their clients. They have more than 200 years of experience helping their clients meet the world’s toughest challenges and embrace its greatest opportunities.

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