Citibank 2011 Annual Report Download - page 14

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Proudly serving more than 100 million clients
in 40 countries, Citi’s Global Consumer
Banking (GCB) business is among the largest
retail banks in the world. Strategically centered
in the world’s top cities, it leverages its deep
footprint to gain local market advantages by
delivering a consistent and enhanced client-
centric banking experience. GCB accounted for
nearly 40% of total deposits and 50% of total
revenues within Citicorp in 2011.
GCB consists of four primary business units — Retail Banking,
Citi Branded Cards, CitiMortgage and Commercial Banking —
that operate in our four key global regions — North America,
Latin America, Europe, Middle East and Africa, and Asia
Pacific. Operations outside the U.S. account for approximately
half our total loans, deposits, revenues and net income.
Our GCB businesses are strong in some of the world’s most
important growth markets, from China, Malaysia, Korea and
India in Asia Pacific, to Poland and Russia in Europe, to Mexico,
Brazil, Colombia, Argentina and Panama in Latin America. In
Mexico, Citi’s Banamex franchise serves more than 20 million
customers and is the country’s largest financial institution
as measured by assets and customer-managed resources.
Citi Retail Services (formerly Retail Partner Cards), after
solidifying several existing partnerships and changing its
name to reflect the comprehensive suite of services it offers
to partners, is moving from Citi Holdings in 2012 to become an
integral part of GCB.
Retail Banking
Citi’s Retail Banking network consists of more than
4,600 branches across the globe and holds deposits
exceeding $300 billion. In 2011, we opened state-of-the-art
digitized Citi Smart Banking branches in Washington, D.C.,
New York, Tokyo and Busan (South Korea) and continued
renovating our entire branch network. We also opened
innovative sales and service centers in Moscow and
St. Petersburg and Citi Express modules — a 24-hour service
unit — in Colombia. Branch openings in three new cities in
China expanded our presence in the country to 13 cities.
Citi Branded Cards
As one of the world’s largest credit card issuers, Citi Branded
Cards introduced several new products in 2011, including:
Citi ThankYou®, Citi Executive®/AAdvantage® and Citi
Simplicity® cards in the U.S.; Latin America partnership cards
with Colombia-based airline Avianca and with Banamex and
AeroMexico; and a merchant loyalty program in Europe.
CitiMortgage
U.S. mortgage originations of $63 billion continued to show
strong improvement, particularly in branch volumes and
through the direct-to-consumer channel, which recently
surpassed $1 billion. Helping to keep people in their homes
remained a top priority throughout 2011. Since 2007, we have
helped more than one million homeowners in their efforts to
avoid potential foreclosure. We launched the Road to Recovery
consumer outreach and homeowner support network in the
U.S. to help distressed homeowners. Globally, CitiMortgage
partnered with target markets to build a foundation for
expansion in countries with high-growth opportunities.
Commercial Banking
Commercial Banking is dedicated to serving the needs of
100,000 small to medium-size companies in 32 countries.
The business’ global strategy is to leverage Citi’s worldwide
network to help our clients navigate a continually globalizing
marketplace. The business grew profitably in 2011 and has
improved overall client satisfaction within each region.
Digital Innovations
Global Consumer Banking continued making progress toward
Vikram Pandit’s vision of transforming Citi into the world’s
digital bank. Citibank unveiled Citibank for iPad®, a critically
acclaimed consumer banking app designed specifically for
iPad that provides clients with an engaging, visually rich
tool to track, analyze and plan their finances. We launched
a mobile banking platform and an updated Citibank® Online
website in the U.S. and are implementing a worldwide rollout
of both innovations, setting us on a course to bring the best
digital experiences to our customers worldwide.
Global Consumer Banking