Citi bank Assignment Example | Topics and Well Written Essays - 4000 words

Citi bank - Assignment Example Citigroup operates in six major regions in the world which are North America, Latin America, Asia, Europe, Middle East and Africa. An institution connecting millions of people from more than 1000 cities covering 160 countries, they represent themselves as a global bank. After achieving tremendous success domestically since its inception in the year 1812, they expanded globally with a sole purpose of serving their clients and shareholders effectively (Citigroup, 2013b). Citibank’s main objective of internationalization is to enter new markets and structure a banking relationship with a dedicated team of country specific officials who have thorough understanding of foreign markets and have a wealth of experience working with Citibank divisions across the globe. One of the primary global solution services of Citibank includes quick and easy opening of account in any of the 39 currencies from a single Citibank branch. Thus it spares the need for opening accounts country by country ; currency by currency. They also offer foreign exchange services to international clients thereby providing personalized one-to-one guidance from a foreign exchange specialist. They also offer 24 hours foreign exchange trading in 135 different currencies. In addition to that, Citibank also provides World Link service by means of which their international clients can make payments such as wires, automatic clearing houses or checks in any of these 135 currencies. Their multicurrency payment system offers a one-stop solution for their international clients to make payments using their preferred currency without opening accounts in different currency which they want to trade in (Citigroup, 2013c). The Citibank global business solution division helps its clients who are involved in internal business (importing materials or expanding overseas) by providing paperwork-oriented services thereby mitigating the risk. CitiBusiness trade services and manage trade transactions on behalf of their international clients thereby helping them to minimize their risk when dealing with counterparties from different countries (Citigroup, 2013d). As far as the Citibank’s international business operations in the Asia pacific region is concerned, its history dates back to 1902. They provide more services in the market, with a large base of clients, compared to any other financial institutions in this region through its institutional clients group and global consumer banking business. They employ more than 60,000 officials across 18 countries in this region. Citibank has a rich history of innovation and customer service in this region and has been as the region’s leading retail bank (Citibank, 2013e). As far as Europe, the Middle East and Africa is concerned, Citibank operates in 116 countries. However, it maintains physical presence only in 55 of them. Operating in this region has proven to be of great benefits for the organization, primarily because this region includes a thick combination of both developed and emerging markets. The main rationale for preferring Citibank over any other financial institutions in this region, as explained by the clients, is because of the bank’s global footprint, market position, in-country relationships and availability of wide