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Citigroup Inc. : Citi to Be First Global Bank to Issue Commercial Cards in China

10/15/2012 | 07:53pm EDT

For Immediate Release

Citigroup Inc. (NYSE: C)

Large and multinational organizations will be able to create a true global cards program with Citi's expanded capabilities

Shanghai, Hong Kong - Citibank (China) Co., Ltd. ("Citi China") announced today the launch of its commercial cards program in China by its Citi Transaction Services division, making it the first global bank to offer such capabilities to its large corporate and multinational clients, and firmly cements Citi's market-leading position in the commercial cards space.

Andrew Au, Chairman and Chief Executive Officer of Citi China, noted that the commercial card complements Citi's focus to pursue growth across multiple businesses in China. "The launch of the Citi Commercial Card completes the full suite of our cards offering to meet our corporate and consumer clients spending needs, as we strive to be the most innovative and customer focused financial services provider in China," he said.

With unparalleled global acceptance, an extensive proprietary issuing network in over 100 countries and customer service support in more than 25 languages, Citi has long been considered a preeminent commercial cards provider to large and multinational organizations. Citi's expanded China cards capability will enable it to uniquely offer a proven global solution - in terms of technology, innovation and transaction volume - to the local network.

"The launch of our commercial cards platform in China represents a significant milestone for Citi and the commercial card industry as a whole," said Manish Kohli, Citi's Global Head of Commercial Cards.

"Citi is delighted to expand our best-in-class, globally-integrated commercial card solutions to China to allow our clients to meet their growing expense management needs locally. At our very successful Asia Pacific Commercial and Prepaid Cards Summit in Singapore on October 11 and 12, our clients unanimously reiterated the value that Citi's Commercial Card business launch into China will deliver to their growth strategy in the region," he added.

Citi's Commercial Cards solution will include the Travel and Expense Card, as well as Purchasing Card, and be available as a Renminbi-denominated card with China UnionPay and a U.S. dollar-denominated card with Visa and MasterCard.

"We are delighted to be breaking new ground with the launch of Citi's Commercial Cards in China," said Amol Gupte, Region Head, Asia Pacific, Citi Transaction Services. "This solution extends our ability to offer dynamic business tools to our clients, enabling them to benefit from a global cards program in terms of user experience, product functionality and standardized reporting."

With a host of online, customizable, reporting tools and integrated solutions, Citi's Commercial Cards solution offers clients a comprehensive package that takes program and report management to a higher level, providing a superior quality business intelligence engine to support the need for consolidated data and card-level administration and information. Citi's commercial card programs increase control and transparency, offering greater visibility into what and where organizations are spending.

Citi Commercial Cards, with proprietary issuance capabilities in more than 100 countries, including local-currency programs in more than 65 countries, has long been considered a leading commercial-card provider to large and multi-national organizations globally. The products form the core of the expense management strategies for many multinational corporations, making Citi a premier card issuer in terms of technology, innovation and volume. For more information regarding any of Citi's innovative global solutions, please visit citimanager.com.

Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co Ltd, which is wholly owned by Citibank N.A. Today, Citi is a leading international bank in China and has 13 corporate bank branches - in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Chengdu, Hangzhou, Dalian, Chongqing, Guiyang, Nanjing, Changsha and Wuxi - and 49 consumer bank outlets. With operations in more than 160 countries around the world, Citi is the most global of all international banks in China.

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Financials (USD)
Sales 2023 77 898 M - -
Net income 2023 11 221 M - -
Net Debt 2023 - - -
P/E ratio 2023 8,01x
Yield 2023 4,62%
Capitalization 87 727 M 87 727 M -
Capi. / Sales 2023 1,13x
Capi. / Sales 2024 1,13x
Nbr of Employees 238 104
Free-Float 62,2%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 45,07 $
Average target price 56,93 $
Spread / Average Target 26,3%
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Managers and Directors
Jane Nind Fraser President, Chief Executive Officer & Director
Mark A. L. Mason Chief Financial Officer-Institutional Clients
John C. Dugan Chairman
Mike Whitaker Head-Operations & Technology
Thomas Anderson Chief Compliance Officer
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