Citibank (China) Co., Ltd., a subsidiary of Citigroup, a well-known foreign bank, was founded in the United States in 1812, the world's top 500, by the merger of Citigroup and Travelers Group in 1998, and was relisted in the same period, integrating commercial banks, investment banks, insurance, mutual funds, securities trading and many other financial services business in one of the financial enterprises
Citi's history in China dates back to May 1902, when it was the first U.S. bank to open in China. In April 2007, Citi became one of the first international banks to register as a local incorporated bank. Citibank (China) Co., Ltd. is wholly owned by Citibank Bank Inc. of the United States. Currently, Citi China is a leading international bank in China, with branches in 13 cities across China (Beijing, Changsha, Chengdu, Chongqing, Dalian, Guangzhou, Guiyang, Hangzhou, Nanjing, Shanghai, Shenzhen, Tianjin and Wuxi). With operations in more than 160 countries and territories, Citi is the world's largest international bank in China.
Citigroup's history can be traced back to several institutions engaged in the financial services industry at that time. The first was the City Bank of New York, founded in the United States in 1812 and a pioneer in trade finance. The Group's other major predecessors were a securities brokerage firm founded in Philadelphia by Charles D. Barney in 1873 and a securities firm founded by Edward B. Smith in Philadelphia in 1892.
In 1910, Citi's predecessor, Salomon, was founded in New York as an industrial bond dealer and later developed into a leading bond exchange.
In 1998, Citibank Group merged with Travelers Group for $70 billion, and under the Citibank Red Umbrella trademark, a number of brands were also gathered, including Citibank, Traveler, Milbank, CitiFinancial (formerly Business Credit) and Primerica. The integration of these enduring brands enables the Group to offer a full range of banking services, from personal banking to corporate and investment banking, insurance, securities brokerage, private banking and asset management.
Citigroup is the world's largest financial services group with the largest assets, the largest profits, the highest chain in the world, and the most complete business categories. It was formed in 1998 by the merger of Citigroup and Travelers Group, and was relisted at the same time. After the re-listing, Citigroup used the issuance of new shares to raise funds for stock market acquisition, or directional equity replacement to carry out large-scale equity operation and expansion, and carried out Citigroup-style strategic output and global business integration of the acquired enterprises, becoming the first financial group in the United States to integrate many financial services such as commercial banks, investment banks, insurance, mutual funds, and securities trading. The combined Citigroup has total assets of $700 billion, net income of $50 billion, 100 million customers in 100 countries, and 60 million consumer customers with credit cards.
The world's largest all-round financial group. In just five years, Citigroup has expanded its total assets by 71%, increased shareholders' equity by 92%, and continuously improved its capital strength. Total revenue increased by 72%, profit increased by 2.6 times, demonstrated exceptional profitability, and the stock doubled its net value per share and doubled its price despite a one-share giveaway (one share for every three shares) and 22 dividend payouts (a total dividend of $3.82 per share). Citi stock is a well-known blue-chip stock in the New York stock market, as well-known as its business brand.
Citigroup is one of the world's leading financial services companies, serving approximately 200 million customers in more than 100 countries around the world, including individuals, institutions, corporations and government departments, providing a wide range of financial products and services, from consumer banking and credit, corporate and investment banking services, to brokerage, insurance and asset management, which is unmatched by any other financial institution. Citibank is now home to Citibank, Travelers Life & Endowment Insurance, Milbank, Citi-financial, Banamex and Primerica.
In the 2002 ranking of the world's top 1,000 banks by The Banker magazine, Citigroup ranked first with a first-tier capital of 59 billion, total assets of about 1,097 billion and a profit of about 15.28 billion U.S. dollars, accounting for 6.1% of the total profit of 252.4 billion U.S. dollars of the 1,000 large banks. According to Citigroup's latest annual report, Citigroup's Tier 1 capital in 2003 reached 66.9 billion yuan, total assets of 1,264 billion yuan, and profit of 17.85 billion U.S. dollars, an increase of 13.4 percent, 15.2 percent, and 16.8 percent respectively over the previous year.
Over the past 10 years, Citigroup has achieved double-digit compound annual growth in stock price, profitability and revenue, and earnings growth has outpaced revenue growth. In particular, Citigroup still achieved growth of 3% and 4.5% despite a series of major events such as the Asian financial crisis in 1998, the Argentine financial crisis in 2001 and the war on terror, and the overall profitability of 1,000 large banks fell by 14.9% and 29.7% respectively, demonstrating the extraordinary resilience of Citigroup's financial system.
Citigroup is now recognized as one of the most successful financial services groups in the world, not only because of its continued leading position among the most profitable and fast-growing companies in the global financial services industry, but also because it is the world's most globalized financial services chain. Citigroup serves more than 200 million customers in more than 100 countries, and each customer can get all-round financial services such as savings, credit, securities, insurance, trusts, funds, financial advisory, asset management, etc., and the average number of products per customer ranks first in the world's peer companies, so Citigroup's customer relationship service network is an immeasurable resource of Citigroup, and Sandy Weir has proudly said: "This network is the only truly competitive advantage we have, No matter where you go in the world, you may find a Citibank institution that can serve you. ”
