Citibank 2007 Annual Report Download - page 6
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Average deposits and loans grew by 16% and 10%,
respectively. Revenues increased 6% for the fourth quarter
and 4% for the year, continuing the positive trend.
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CitiFinancial opened 110 branches in 2007, bringing its total
branch network to 2,499. CitiFinancial is the leading
community-based lender in the U.S., with the largest
distribution network of any consumer nance business in
North America.
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Citi Cards signicantly grew new accounts through afliate
channels, partners, and online acquisitions while
transforming its customer experience with e-mail alerts
and award-winning color statements.
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CitiMortgage completed its acquisition and integration of
ABN Amro Holdings’ U.S.-based mortgage group, which
included $9 billion in net assets and a $224 billion mortgage
servicing portfolio. CitiMortgage is the fourth-largest
originator and the No. 3 servicer of residential mortgage
loans, according to Inside Mortgage Finance.
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Forrester Research in November named Citibank.com the
No. 1 U.S. online banking site, saying Citibank “has the
strongest overall site” among the largest U.S. banks.
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Average loans and deposits grew by 25% and 15%, respectively.
Investment sales rose 20%. Revenues increased 45% for the
fourth quarter and 28% for the year, driven primarily by organic
volume growth and the impact of recent acquisitions.
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Citi continued to grow market share in key growth countries,
with a 21% increase of 6 million card accounts, 12% increase
of 6 million retail banking accounts, and the opening or
acquisition of 510 new branches in 2007.
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Acquisitions helped spur growth of revenues and our
international client base. Citi acquired the Bank of Overseas
Chinese, expanding Citi’s network by 55 branches in Taiwan.
Citi completed the acquisition of Grupo Financiero Uno and
Grupo Cuscatlan in Central America. The company also
established a strategic partnership with Quiñenco through
which Citi operations in Chile will be combined with Banco de
Chile, the second-largest bank in Chile. These deals added
258 new branches, 3 million new retail accounts, and
4.2 million new card accounts internationally.
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Client assets under fee-based management rose by 27% to
$507 billion. Gains in Citi Private Bank as well as Citi Smith
Barney combined to boost total Global Wealth Management
revenues by 28% and net income by 37%.
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GWM’s international revenues and net income more
than doubled, leveraging market share gains in Asia,
Latin America, and the Middle East.
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GWM added 2.3 million new client accounts and 1,487
new Financial Advisors through Citi’s acquisition of Nikko
Cordial Corporation.
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U.S. Banker magazine named GWM “Top Wealth Management
Team,” and Citi Private Bank earned the title of “Overall Best
Global Private Bank” from AsiaMoney magazine for the third
straight year.
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CAI client capital under management grew by 26% across its
diverse product line mainly from inows from institutional
and high-net-worth clients and the acquisition of Old Lane.
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CAI made several key acquisitions and strengthened its
management team in its effort to create a world-class
alternatives platform characterized by outstanding investment
management, client service, and innovative products.
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2007 was a record year in Asia and Latin America. In Asia,
revenues and net income increased, up 38% and 56%,
respectively. In Latin America, revenues grew 60% and net
income grew 70%.
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Citi advised on seven of the world’s ten largest announced
mergers and acquisitions deals for 2007.
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Citi was the leading debt and equity underwriter globally for
the sixth straight year.
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In Japan, Citi took a 49% joint venture position with Nikko
Cordial Corporation, a leading Japanese securities rm, to
100% ownership in early January 2008.
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Global Transaction Services reached record revenues of
$7.8 billion, up 31%, net income was $2.2 billion, up 55%, and
the business won more than 450 industry awards.
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Revenue in Equity Markets rose 24%, reecting high equity
valuations, robust turnover and increased market share.