Citibank 2006 Annual Report Download - page 17

Raul Anaya and Fernando Quiroz in Latin America
It started with the Panama Canal. And 102
years later, it culminated in the acquisitions
of Grupo Financiero Uno and Grupo Cuscatlán,
important steps that gave Citi its most expan-
sive foothold ever in the growing retail markets
of Central America.
The story of Citi in the region goes back to 1904 when our
predecessor company, the International Banking Corpora-
tion (IBC), opened a corporate banking offi ce in Panama to
help fund the building of the Panama Canal.
Soon afterward, we built one of the most successful corpo-
rate banking businesses in the region. And today, a century
later, this on-the-ground presence has paved the way for our
consumer business to enter the same region—through the
acquisition of Grupo Financiero Uno, and shortly thereafter
the acquisition of Grupo Cuscatlán, which further strength-
ened our corporate bank.
“These are examples of what we mean when we talk about
one Citi, and how our different businesses—even when
they serve different clients—can help grow the other,” Raul
Anaya, our Latin America Global Consumer Group Head,
said. “Our corporate bankers have been in the region for a
long time, so they will make it that much easier for our new
consumer bankers to move right in.”
Added Fernando Quiroz, Head of Markets and Banking
in Latin America: “These acquisitions represent signifi cant
growth opportunities for our Markets and Banking as well as
our Global Consumer franchises in Central America.”
By acquiring Central America’s largest credit card issuer in
Grupo Financiero Uno, we strongly extended our card busi-
ness in a region where the card market has grown nearly 30
percent annually over the last few years.
The complementary purchase of Grupo Cuscatlán (which,
like Grupo Financiero Uno, is subject to local and U.S.
regulatory approvals) allows us to establish a strong platform
for growth in the years ahead in our corporate banking,
consumer fi nancing, and retail banking businesses.
Said Raul: “These acquisitions change the landscape for us.
And working with Fernando and his team on deals this
important is why working here can be so stimulating.”