Citibank 2013 Annual Report Download - page 248
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230
The following table shows reporting units with goodwill balances as
of December 31, 2013.
In millions of dollars
Reporting unit
Fair value as a % of
allocated book value Goodwill
North America Regional Consumer Banking 183% $ 6,785
EMEA Regional Consumer Banking 159 355
Asia Regional Consumer Banking 251 5,067
Latin America Regional Consumer Banking 244 1,778
Securities and Banking 147 9,270
Transaction Services 717 1,598
Latin America Retirement Services (1) 224 42
Citi Holdings—Cards (2) 170 114
Citi Holdings—Other — —
(1) Latin America Retirement Services: fair value as a percentage of allocated book value reflects the
reorganization under the new reporting unit structure as of July 1, 2013. This reporting unit was
formerly known as Brokerage Asset Management.
(2) Citi Holdings—Cards: this reporting unit was formerly known as Local Consumer Lending—Cards.
Citigroup engaged an independent valuation specialist in 2013 and
2012 to assist in Citi’s valuation for most of the reporting units employing
both the market approach and the discounted cash flow (DCF) method. Citi
believes that the DCF method, using management projections for the selected
reporting units and an appropriate risk-adjusted discount rate, is the most
reflective of a market participant’s view of fair values given current market
conditions. For the reporting units where both methods were utilized in 2013
and 2012, the resulting fair values were relatively consistent and appropriate
weighting was given to outputs from both methods.