Citibank 2006 Annual Report Download - page 22

Citi was built on the vision of a highly diversifi ed fi nancial services
company that could act as one to deliver solutions to clients throughout
the world. In 2006, we saw marked progress on our key objectives:
Becoming more accessible to our clients
Opened nearly 1,200 new retail bank and consumer
fi nance branches around the world
Launched an ATM partnership with 7-Eleven® and
expanded our Cards partnerships with, among others,
Shell and The Home Depot——each designed to attract
more clients and deepen relationships with them
Introduced Direct Custody and Clearing services in
Cyprus, Sweden, Israel, Slovakia, and Vietnam
Launched Citibank Direct, our online bank, bringing in
close to $10 billion in deposits in the U.S. in the fi rst
nine months
Opened Markets and Banking offi ces in Kuwait
and Dubai
Pioneered securities lending in Taiwan
Expanded Global Equities into Russia, India,
the Middle East, Brazil, and Canada
Serving clients as one company
Brought the power of one Citi to our Citi Smith Barney,
Citibank, CitiMortgage, Citi Cards, and Student Loan
clients by offering a broader array of products——retail
banking, commercial lending, mortgages, investments——
through pilot programs in our Boston and Philadelphia
Financial Centers
Worked with our Consumer Lending Group to deepen
client relationships, including offering Citi home equity
loans to Cards clients
Began offering Citibank products in select CitiFinancial
branches in the U.S.
Offered home equity loans and Citi credit cards through
Citi Smith Barney branches
Started Bank at Work in eight countries: Chile, Czech
Republic, Korea, Malaysia, Pakistan, the Philippines,
Singapore, and Turkey
Created partnership between Global Transaction
Services and Citi Smith Barney to distribute stock plan
proceeds in local currency in more than 130 countries
Launched a Hedge Fund initiative to connect experts
across Markets and Banking to better serve this
important client segment
Using technology to serve our clients
better and lower our costs
Launched biometric credit card service in Singapore
and biometric ATMs for microfi nance clients in India
so clients can transact with the touch of a fi nger
(see page 8)
Increased online security by implementing enhanced
authentication for sensitive transactions over the
Internet and other online channels——the only major
fi nancial institution to do this globally
Made strategic investments in our equities platform,
including investments in the Boston, Philadelphia,
and National Stock Exchanges and the purchase of
an electronic communications network that provides
state-of-the-art technology for immediate access to
liquidity
Reduced the number of our data centers around the
world by 20 percent
Consolidated our call centers for greater effi ciency
Investing where opportunities for growth
are highest
Expanded our presence in Central America and estab-
lished a strong platform for future growth in our retail
and corporate businesses by acquiring Grupo Financiero
Uno and Grupo Cuscatlán (see page 14)
Broadened our reach in one of the world’s fastest-growing
markets, Turkey, by acquiring a 20 percent stake in
Akbank, its third-largest and most profi table bank
Expanded our presence in China with a 20 percent stake
in Guangdong Development Bank
Acquired Egg Banking plc, an important step toward
broadening our international Consumer banking business
Deepened our presence in India by raising our stake in
Housing Development Finance Corporation Limited
(HDFC) to 12.3 percent
Completed the acquisition of the Federated Department
Stores, Inc. portfolio and now manage 37 million accounts
and $8.3 billion in assets for this leading retailer