With offices in 100 countries and some 200 million accounts, Citi has a tremendous diversity of business in corporate and retail banking, insurance and investments. Citi is one of the few truly global financial institutions. Citi was formed in October 1998 following the merger of Citi with The Travelers Group, which included the major investment banking house, Salomon Smith Barney. Major brand names under Citi's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Citi aims to provide international financial services of high quality to targeted customers in markets where we can excel profitably. We emphasise our integrated global approach, cross-border capabilities and supporting electronic banking technology. Formerly seen as a large foreign bank, we are now considered more as an international banking partner by our customers. Represented in Scotland since 1976 through its Edinburgh branch, Citi provides a wide range of services to large corporations, insurance companies and fund managers. It has established leadership positions in foreign exchange, global custody and transactional services, together with strong representation in international payment mechanisms and corporate finance. The application of financial derivatives to retail products and efficient investment strategies is a recent development of competitive strength.
The cornerstone of our business is the client relationship, managed by experienced executives who co-ordinate the delivery and development of relevant products. We manage our Scottish relationships from Edinburgh regardless of where our services are provided, bringing local ownership, empowerment and accountability to our customers.
In November 2003, Citi Global Transaction Services launched a fund administration platform in Edinburgh entering an exclusive agreement with Standard Life Investments to provide fund accounting, custody and related transactional services. A further deal was signed in March 2005 with Aegon Asset Management UK, underlining Citi's strength in the fund administration business and reinforcing Citi's commitment to Edinburgh as a base for UK market expansion.
The Citi Private Bank provides a unique global wealth management service, which allows private high net worth individuals to benefit from the huge spectrum of facilities offered. Dedicated private bankers administer to the global wealth needs of the growing entrepreneurial community in Scotland, delivering access to an unparalleled, global, financial powerhouse. The Citi Private Bank prides itself in providing top quality service locally while being represented around the world.
Colin Stewart (Managing Director)