At the beginning of the 20th century, new york National Bank began to actively develop overseas business. 1902, opened its first overseas branch in London. Before 19 15 took control of Global Bank, new york National City Bank had set up 37 branches in Latin America, the Far East and Europe (Muro, 1984, p Global Bank was established in 190 1), mainly to develop trade with China and the Philippines. The following year, it established the first American bank branch in China in Shanghai, and soon set up 32 overseas branches in other parts of the Far East. Through the merger of Global Bank, the overseas branch network of new york City Bank has nearly doubled. By 1939, there were 100 overseas branches of Citibank (after 1927, the Chinese name of new york National Bank was changed to Citibank).
In the 1920s, Citibank began to develop its retail banking business. 192 1 set up the first branch dedicated to personal services, 1928 became the first commercial bank to provide personal loans. In 1970s, the retail banking business of Citibank gained new development and became one of the most important VISA and MasterCard card issuers in the United States. From 65438 to 0977, Citibank took the lead in introducing ATM machines into the banking system on a large scale. Currently, Citibank is the largest credit card issuer in the United States. In order to promote the globalization of retail finance business and expand distribution channels, Citigroup acquired 2,600 branches of Associates First Capital in 2000 with 1 1, becoming a leading retail finance enterprise in the world.
1929 and 1930, Citibank successively acquired the Farmers' Credit Trust Company and new york American National Association Bank, and established Citibank Farmers' Trust Company on this basis. 1959 Citibank Farmers Trust Company changed its name to First National City Trust Company, and merged into First National City Bank two years later to become a part of its trust department.
1955 In March, Citibank merged with new york First National Bank and changed its name to First National City Bank. After the merger, First National City Bank became the third largest bank in the United States, second only to Bank of America and Chase Bank. 1962, the first national city bank was renamed as the first national city bank.
196 1, First National City Bank took the lead in launching the large convertible time deposit certificate (CD) business, which made Citibank compete with government bonds for funds and made new progress. At the same time, Citibank is further internationalized. By the end of 1982, Citibank had more than 1490 branches in 94 countries, and the assets and income of overseas institutions accounted for 60% of all the assets and income of Citibank.
1967, Citibank established a holding company, the First National Company. 197 1 year, first national city bank was reorganized into a multi-bank holding company. On March 28th 1974, it was renamed Citibank, and Citibank was also renamed Citibank. N.A. Citibank is the core subsidiary of Citibank. Its assets accounted for more than 95% of the total assets of the holding company in the mid-1970s, and then declined. In the 1980s, the proportion became about 85%, and now it accounts for about 60%. The chairman and president of Citibank are also the chairman and president of Citibank.
In 1980s, Citigroup successively merged Dinner Club, California Loyalty Savings Bank, First Federal Bank of Chicago, Miami Biskan Federal Bank and Washington National Permanent Savings Bank ... At the same time, its transnational business made further progress, and its overseas branches have expanded to Finland, New Zealand and other countries.
In the late 1980s, Citibank was in trouble because of its non-performing loans in overseas and commercial real estate fields. During the three years from 1990 to 1992, the credit loss reserve reached more than $ 1000 billion, and the after-tax profit loss of 199 1 was $914 million. However, after the three-year revival plan led by Reid (1992- 1994), Citibank quickly adjusted its capital structure and restored its capital strength. From 65438 to 0995, Citibank's net income reached a record $3.5 billion, and its total capital also rose to $27.7 billion. Citibank's Tier 1 capital rose to $65.438+09.24 billion, accounting for 654.38+065.438+0.9% of the total assets.
1April 6, 998, Citigroup announced its merger with Traveler Group. Traveler group was originally a life insurance and property insurance company, and later acquired an American investment bank-Smith? Smith Barney has expanded its business scope to investment banking, commercial credit, financing services and other fields. 197, the company acquired salomon brothers Company, the fifth largest investment bank in the United States, and the newly established Salomon Company for $9 billion. Smith? Salomon Smith Barney became the second largest investment bank in the United States. The current business scope of Traveler Group mainly includes: personal and property insurance, investment banking, commercial credit, private financial management, asset management and so on. The merger of Citibank and Traveler Group is the largest enterprise merger in American history. The new company formed after the merger became "Citigroup", and its trademark is the red umbrella of Traveler Group. After the merger, Citigroup's total assets reached $700 billion, its net income was $50 billion and its operating income was $75 billion. Through the merger with Traveler Group, Citigroup became one of the largest universal financial group companies in the world, and jumped from the 58th place in Fortune Global 500 magazine in 1997 to the1998th place in 16.
1999, Citigroup and Nikko Securities, Japan's third largest securities company, set up a joint venture company in Japan-Nikko Salomon Smith Barney. Since its establishment, the joint venture company has made rapid progress in various rankings, ranking among the best in the stock and related trading sectors in 2000. In the first half of 200 1 2000, 55% of the share allotment exchanges arranged by Nikko Salomon Smith Barney in the Japanese market exceeded the sum of all its competitors. In April 2000, Salomon Smith Barney, the group's flagship investment bank, successfully acquired Baoyuan Investment and established a first-class pan-European investment bank, which made Citigroup's position in the European market go up a storey still higher. In order to promote the globalization of retail finance business and expand distribution channels, Citigroup acquired 2,600 branches of Associates First Capital in 2000 with 1 1, becoming a leading retail finance enterprise in the world. 200 1 In order to strengthen its position and business performance in Mexico and other Latin American countries, Citigroup acquired Banamex, the second largest financial institution in Mexico, at a price of more than 654.38+0.2 billion US dollars.
After nearly two centuries of hard work, Citigroup has become the largest financial service institution in the world, with assets of 65,438+0 trillion US dollars and 270,000 employees worldwide, providing a wide range of financial products and services to about 200 million consumers, enterprises, governments and institutions in more than 0/0 countries, including consumer banking and credit, enterprise and investment banking, insurance, securities brokerage and asset management services. The main brands of Citigroup marked by Red Umbrella include Citibank, Traveler Group, Salomon Smith Barney, Citigroup Finance and Primerica Financial Services Company. In 2000, the group's core income reached $654.38+0.4 billion, and in 2006.54.38+0, its income reached $654.38+0.46 billion. It is one of the most profitable and financially stable companies in the world, with a total equity of 88 billion US dollars (2006.54.38+0) and a general return on equity of 20%. Abundant capital enables the Group to strategize, ride out adversity smoothly and make great achievements in different economic environments. In the ranking of global 1000 companies selected by Business Weekly in 2006, 5438+0 and 2002, Citigroup ranked fifth and ranked first in the global financial circle.