Citibank
At the present time, banks play a very important role in our lives. All the money operations and transactions are held in the banks.
Bank. A bank is a type of financial institution that acts as a payment agent for customers, and borrows and lends money. In the United States banks are not allowed to own non-financial companies. Banks operate as payment agents since they conduct checking or current accounts for customers, paying checks, and collecting checks deposited the current accounts. Banks also enable customers to pay via other payment methods which include telegraphic transfer, EFTPOS, and ATM. Banks borrow money since they accept funds placed on current accounts, accept term deposits and issue debt securities. Banks offer almost all types of payment services. The activities of a bank can be subdivided into retail banking, private banking, business banking, and investment banking. However, the commercial role of banks is not limited by banking only. Other commercial services of the bank include: issue of banknotes; processing of payments by way of telegraphic transfer, internet banking or other means; issuing bank drafts and bank checks; accepting money on term deposit; lending money by way of overdraft, installment loan or otherwise; providing documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures; safekeeping of documents and other items in safe deposit boxes; currency exchange; sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a ‘financial supermarket’. Most banks are profit-making and private enterprises. However, some banks are government-run, or non-profits. Central banks, as a rule, are government owned. Citibank is an excellent example of a bank.
Citibank.
Citibank is a major international bank. The bank was incorporated in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank is now the consumer and corporate banking arm of financial services giant Citigroup, which one of the largest companies in the world. As of March 2007, it is the largest bank in the United States by holdings. Citibank’s single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.4% stake. At the present time the corporate office of the company is based in New Your City, NY.
Until October 2006, Citibank ran several affiliates in Texas, South Dakota, Delaware, Nevada, as well as Citibank, N.A, Citibank (West), F.S.B. and some other subsidiaries.