Citibank 2010 Annual Report Download - page 14

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With more than 70,000 employees, Citi Latin America has
advanced to a prominent position in the region since we
launched operations in Panama in 1904. Today, Citi’s presence
is the broadest of any financial institution in the region, with
operations in 23 countries: Argentina, the Bahamas, Barbados,
Brazil, the Cayman Islands, Chile, Colombia, Costa Rica, the
Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti,
Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay,
Peru, Trinidad and Tobago, Uruguay and Venezuela.
In Latin America, Citi’s Regional Consumer Banking business
operates nearly 2,600 retail branches and points of sale —
including joint ventures — serving more than 26 million retail
customer accounts. Citi also maintains a leading position in
corporate banking and one of the largest consumer banking
presences in the region, with strong client recognition and
brand loyalty. With $34 billion in deposits and $638 billion in
assets under custody, our renowned GTS business in Latin
America and Mexico supports 25 different currencies for
payments in the countries we serve.
With more than $93 billion in regional client assets, Citi Wealth
Management is one of the largest providers of financial and
investment solutions in Latin America, with services offered
through Citi Private Bank, Banamex Banca Patrimonial,
Citigold Private Client and Citigold International.
Citi has strengthened its presence in the region through a mix
of organic growth, strategic partnerships and acquisitions.
Over the past six years, our Latin America franchise added
close to 900 new branches, including joint ventures, and more
than eight million new customers. In 2010, we also increased
our ownership stake in the holding company of Banco de Chile,
one of the leading banks in the country, from approximately
33% to 50%. We have posted consistent growth in loans,
deposits and assets under management. Annualized net
income through 2010 has more than tripled since 2002, the
year after the integration of Banamex.
Over the past three years, Citi has made investments to reach
more than 625,000 unbanked and underserved people in the
region and to encourage economic growth, mostly through
microfinance, micro-entrepreneurship and financial education.
In 2010, Global Transaction Services organized the Haiti
Leadership Roundtable, the first financial reconstruction effort
following the devastating earthquake in Haiti. Citi also took the
lead in organizing the first Latin American Financial Education
Congress in Brazil.
Citi is committed to serving its clients with excellence and
unparalleled expertise and to contributing toward the
development of the countries throughout the region.
Latin America