1. Introduction to Citibank related knowledge Introduction to Citibank Article source: Xinyuan.com News Center 2003-07-14 17:00 --------------------------

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------ 1. Historical background and development overview On June 16, 1812, New York State chartered Citibank, whose English name was "City Bank of New York." On September 14, Citibank opened at 52 Wall Street

, providing services to some merchants in New York. The bank's president was Colonel Samuel Osgood, who fought alongside George Washington in the Revolutionary War. In 1822, the Agricultural Fire Insurance and Loan Company was established, which was the first joint-stock company in the United States.

Trust Company. In 1835, the company was renamed the Agricultural Loan and Trust Company. In 1929, it merged with Citibank. In 1856, Moses Taylor served as president.

In 1861, the Civil War broke out. President Lincoln asked New York banks to raise $150 million for the federal government. Citibank subscribed for $70 million in gold. In 1865, Citibank joined the newly formed National Bank system.

For: The National City Bank of New York. As a national bank, its operations must meet the high standards of solvency and liquidity required by the federal government. In New York City, the National City Bank's statutory reserves are considered deposits.

In 1893, Citibank ranked first among banks in New York City in terms of deposits and assets. In 1897, Citibank took the lead in setting up a foreign exchange department in the U.S. banking industry and began to engage in foreign exchange trading in London, Shanghai, and Hong Kong in 1902.

Branches were opened in Hong Kong, Yokohama, Manila, Singapore and San Francisco, becoming the core of the International Banking Corporation's international business network acquired in 1918. In 1904, Citibank launched travellers' checks. In 1908, 96 years after its founding, Citibank moved into its new office.

The former U.S. Customs House at 55 Wall Street. In 1914, on the advice of American companies with branches in Argentina, Citibank opened a branch in Buenos Aires on November 10, becoming the National Bank of the United States in that country.

1921--1928. In December 1921, Citibank became the first bank in the United States to calculate interest on savings accounts based on compound interest. On May 3, 1928, Citibank introduced another innovative idea to depositors.

business; unsecured personal lending. In 1929, Citibank became the largest commercial bank in the world.

Mergers further accelerated the bank's expansion: the Farm Loan and Trust Company became Citibank Agricultural Trust Company.

To meet the needs of business development, the bank built a skyscraper at 20 Exchange Square.

From 1930 to 1936, even during the Great Depression, Citibank still maintained dividends through its business income in China.

In 1933, due to the promulgation of the Glass-Steagall Act, Citibank, like other American banks, also canceled its investment companies.

In 1935, Citibank provided monthly payment loans to small businesses.

In 1936, Citibank was the first in New York City to offer a checking account with no minimum deposit requirement.

1939-1949. In the late 1930s, Citigroup opened 100 offices in 23 countries and became the largest international bank at the time.

However, after the outbreak of World War II, many of Citibank's businesses in Europe and Asia were forced to cease.

From 1950 to 1955, as the income of American consumers increased, various new personal banking services emerged, and the banking industry began to develop on a large scale.

Personal checking accounts and consumer loans surged.

In 1955, the English name of Citibank was changed to The Fist National CityBank of New York.

In 1956, Citibank installed its first computer in its commercial lending department.

In 1961, Citibank created negotiable certificates of deposit.

The newly formed Citibank Overseas Investment Corporation became the holding company for the bank's overseas branches.

The new headquarters is completed at 399 Park Avenue.

From 1968 to 1974, the U.S. Bank Holding Company Act of 1956 restricted the ability of a holding company to control multiple banks.