**Citi**, previously known as **Citibank**, is one of the largest international financial services companies with a plethora of banking and financial products. A closer look at Citi: its history, services, and recent news follows below.
### History and Background
• **Founded:** Citibank was founded in 1812 as the City Bank of New York. It is hence amongst the oldest and most extensive financial organizations in the world.
– **Headquarters:** The headquarter of Citi is in **New York City, New York**.
– **Parent Company:** Citibank is part of **Citigroup Inc., a global financial services corporation that came into being in 1998 through the merger between Citicorp and Travelers Group. Citigroup also functions as one of the largest financial services organizations in the world.
### Services and Offerings
Citi provides a broad range of banking and financial services for both personal and business customers:
#### Personal Banking
– **Checking Accounts:**
– **Basic Checking:** The primary accounts, usually featuring general facilities for daily use.
– **Interest-Bearing Checking:** Those accounts that offer interest on account balance.
– **Premium Checking:** These include higher interest rates on account balances, plus additional value-added services such as upgraded rewards, concierge benefits, and more.
– **Savings Accounts:**
– **Citi Savings Account:** A traditional savings account, having competitive interest.
High-Yield Savings Account: Offers better interest rates for saving balances.
Certificates of Deposit: Fixed-term deposit account; the rate of interest varies based upon the term applied for.
Loans
Personal Loans: Unsecured Loans towards several personal needs.
Auto Loans: For financing purchases or refinancing vehicles.
Mortgage Loans: Home Loans for purchase or refinance of residential properties.
– Lines of Credit/HELOCs: Credit lines extended based on equity in the borrower’s home.
– Credit Cards:
– Rewards Cards: Credit cards offering rewards points or cashback on purchases.
– Travel Cards: Cards that come with travel benefits, including points on travel-related expenses and even travel insurance.
– Low-Interest Cards: Cards that have lower interest rates for cheaper borrowing.
– Wealth Management:
– **Investment Services:** Financial planning and investment advisory services.
– **Retirement Accounts:** IRAs and other retirement savings options.
– **Private Banking:** Personalized banking and wealth management services for high-net-worth individuals.
#### Business Banking
– **Business Accounts:**
– **Business Checking:** Accounts set up to handle business finances and transactions.
– **Business Savings:** Savings accounts, which are appropriate for the needs a business may have.
– **Business Loans:**
– Term Loans: Loans for capital expenditures and growth.
– Lines of Credit: Those types of credit options that will prove flexible enough for any short-term financing need.
– Equipment Financing: Loans to purchase or lease any business equipment.
– Treasury and Cash Management:
– Cash Management: Solution and management to optimize cash flow and manage liquidity.
– Payment Processing: Transactional and receivable processing services.
– **Fraud Protection:** Tools and strategies to protect clients and customers against financial fraud.
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#### Institutional Banking
– **Corporate Banking:** Services for large corporations, including commercial lending and treasury management.
– **Investment Banking:** Advisory services, capital raising, and mergers and acquisitions.
### Technology and Digital Services
Citi embraces technology to deliver a better customer experience:
– **Online Banking:** A full-service platform for account management, bill pay, and fund transfers.
Mobile Banking: A mobile application for access to accounts, management of transactions, and banking on the go.
Citi Virtual Card: Digital card solutions for secure online transactions.
### Community Involvement
Citi is committed to the community through corporate social responsibility in the following ways:
Philanthropy: The bank supports charitable causes and nonprofit organizations through donations and community programs.
Financial Education: It provides financial education programs and resources to individuals and communities on how best to manage their finances.
Challenges and Resilience
Citi, one of the big international financial services providers, has to go through ups and downs in economic conditions, maintain various regulatory requirements, and deal with competitors. Its vast worldwide network and various business lines give it a strong foundation for resilience in moving through constant market dynamics.
### Legacy and Future
With a rich history in the land of financial innovation and being at the forefront in every corner of the globe, Citi is building on its legacy. The bank aims to link vast experience with modern technology to offer innovative solutions against changing customer needs worldwide.
For current information on Citi products, services, or recent news, please refer to the company’s website or contact them directly for more details.