FOREIGN BANK OF INDIA – CITI BANK
FOREIGN BANK OF INDIA – CITI BANK
Citi Bank is a major international bank. It is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 and is based in New York city. As of March 2010, The Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JP Morgan Chase.
Citi bank has retail Banking operations in more than 100 countries and territories around are the world. More than half of its 1400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas.
The result of the global financial crisis of 2008-09 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U.S. government under plans agreed for Citigroup. On 23 Nov 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion.