Citibank Argentina
Encyclopedia
Citibank Argentina is a commercial bank
and financial services company operating as a wholly owned subsidiary of New York
-based Citigroup
. Its banking operations are the tenth largest in Argentina
.
in Argentina. The bank remained a secondary name in Argentine banking; but earned renown for the quality of its services: its Paylink payment processing network made it the first bank in Argentina to earn an ISO 9000
(1997), and in 2002, Citiservice y Citiphone Banking earned the institution an ISO 9002 certification. The company has sponsored a number of local programs to encourage reading among children.
The president of Citicorp Argentina during the 1990s, H. Richard Handley, had been raised in Argentina with the chairman of Citigroup at the time, John S. Reed
, and obtained his support for the bank's lucrative participation in the 1990 sale
of the state telephone concern ENTel
. Under bank president Carlos M. Fedrigotti, the bank acquired Buenos Aires-based Banco Mayo in 1998, stabilizing the insolvent institution's finances, and doubling its network; though losses registered during the Argentine economic crisis prompted an investigation in 2004 by the SEC, however.
The bank issues an array of credit cards, including Diners Club
, Visa
, and MasterCard
(with American Airlines
Aadvantage). Its acquisition of the Provencred lending bank in 1999 expanded Citibank's reach into the moderate income market, though Provencred was ultimately sold to the local Banco Comafi in 2009.
Citibank Argentina maintains 60 branches, US$2.2 billion in deposits, and a loan portfolio of US$1.4 billion (around 3% of the domestic market in each).
, and face the offices of the Bank of the Province of Buenos Aires
and Banco Santander Río
, two of its largest competitors. The building, notable for its Art Deco
façade and main hall, was designed by Luis Aberastain Oro and Lyman Dudley, and completed in 1929. The building was also known in its early decades for the Club Americano, a social club located on the top floor, and popular with Buenos Aires' sizable American expatriate community.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
and financial services company operating as a wholly owned subsidiary of New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
-based Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
. Its banking operations are the tenth largest in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
.
Overview
Citibank Argentina was established in 1914 as the Buenos Aires branch of the National City Bank of New York, and the first of any United States bankBanking in the United States
Banking in the United States is regulated by both the federal and state governments.The U.S. banking sector's short-term liabilities as of October 11, 2008 are 15% of the gross domestic product of the United States or 43% of its national debt, and the average bank leverage ratio is 12 to...
in Argentina. The bank remained a secondary name in Argentine banking; but earned renown for the quality of its services: its Paylink payment processing network made it the first bank in Argentina to earn an ISO 9000
ISO 9000
The ISO 9000 family of standards relates to quality management systems and is designed to help organizations ensure they meet the needs of customers and other stakeholders . The standards are published by ISO, the International Organization for Standardization, and available through National...
(1997), and in 2002, Citiservice y Citiphone Banking earned the institution an ISO 9002 certification. The company has sponsored a number of local programs to encourage reading among children.
The president of Citicorp Argentina during the 1990s, H. Richard Handley, had been raised in Argentina with the chairman of Citigroup at the time, John S. Reed
John S. Reed
John Shepard Reed is the former Chairman of the New York Stock Exchange. He previously served as Chairman and CEO of Citicorp, Citibank, and post-merger, Citigroup. He is currently the Chairman of the Massachusetts Institute of Technology's Office of Corporation. He was born in Chicago, Illinois,...
, and obtained his support for the bank's lucrative participation in the 1990 sale
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of the state telephone concern ENTel
ENTel
The Empresa Nacional de Telecomunicaciones was an Argentine state owned company which had the monopoly on public telecommunications in the country until its privatization in 1990.-Overview:...
. Under bank president Carlos M. Fedrigotti, the bank acquired Buenos Aires-based Banco Mayo in 1998, stabilizing the insolvent institution's finances, and doubling its network; though losses registered during the Argentine economic crisis prompted an investigation in 2004 by the SEC, however.
The bank issues an array of credit cards, including Diners Club
Diners Club
Diners Club International, founded as Diners Club, is a charge card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Matty Simmons...
, Visa
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
, and MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
(with American Airlines
American Airlines
American Airlines, Inc. is the world's fourth-largest airline in passenger miles transported and operating revenues. American Airlines is a subsidiary of the AMR Corporation and is headquartered in Fort Worth, Texas adjacent to its largest hub at Dallas/Fort Worth International Airport...
Aadvantage). Its acquisition of the Provencred lending bank in 1999 expanded Citibank's reach into the moderate income market, though Provencred was ultimately sold to the local Banco Comafi in 2009.
Citibank Argentina maintains 60 branches, US$2.2 billion in deposits, and a loan portfolio of US$1.4 billion (around 3% of the domestic market in each).
Headquarters
The headquarters of Citibank Argentina, on 502 Bartolomé Mitre Street, are in the heart of the Buenos Aires financial districtSan Nicolás, Buenos Aires
San Nicolás is one of the neighbourhoods of the city of Buenos Aires, Argentina, sharing most of the city and national government structure with neighboring Montserrat and home to much of Buenos Aires' financial sector...
, and face the offices of the Bank of the Province of Buenos Aires
Bank of the Province of Buenos Aires
The Bank of the Province of Buenos Aires is a publicly-owned Argentine bank and the second-largest in the nation, by value of assets and deposits.-History:...
and Banco Santander Río
Banco Santander Río
Banco Santander Río is a commercial bank and financial services company and affiliate of the Santander, Cantabria based Grupo Santander. Based in Buenos Aires, its banking operations are the third largest in Argentina, as well as the largest among all privately-owned banks in the...
, two of its largest competitors. The building, notable for its Art Deco
Art Deco
Art deco , or deco, is an eclectic artistic and design style that began in Paris in the 1920s and flourished internationally throughout the 1930s, into the World War II era. The style influenced all areas of design, including architecture and interior design, industrial design, fashion and...
façade and main hall, was designed by Luis Aberastain Oro and Lyman Dudley, and completed in 1929. The building was also known in its early decades for the Club Americano, a social club located on the top floor, and popular with Buenos Aires' sizable American expatriate community.