Citigroup Inc. (Citigroup), incorporated in 1988, is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup operates in two segments: Citicorp, consisting of Citigroup’s Global Consumer Banking businesses and Institutional Clients Group, and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool. Global Consumer Banking (which included retail banking and Citi-branded cards in four regions-North America, EMEA, Latin America and Asia) and Institutional Clients Group (which included Securities and Banking and Transaction Services). Institutional Clients Group (ICG) includes Securities and Banking and Transaction Services. On April 28, 2011. Egg Banking plc (Egg), an indirect subsidiary which was part of the Citi Holdings segment, sold its credit card business to Barclays PLC. In February 2012, the Company sold its 9.85% interest in Housing Development Finance Corporation Ltd. (HDFC). In May 2012, the Company sold 10.1% interest in Akbank T.A.S.
Global Consumer Banking
Citicorp is Citigroup’s global bank for consumers and businesses and represents Citi’s core franchises. Citicorp is focused on providing products and services to customers and leveraging Citigroup’s global network. At December 31, 2011, Citicorp had approximately $797 billion of deposits. Global Consumer Banking (GCB) consists of Citigroup’s four geographical Regional Consumer Banking (RCB) businesses that provide traditional banking services to retail customers. As of December 31, 2011, GCB also contained Citigroup’s branded cards and local commercial banking businesses. GCB is a globally diversified business with approximately 4,200 branches in 39 countries around the world. At December 31, 2011, GCB had $313 billion of deposits.
North America Regional Consumer Banking (NA RCB) provides traditional banking and Citi-branded card services to retail customers and small to mid-size businesses in the United States. NA RCB’s 1,016 retail bank branches and 12.7 million customer accounts, as of December 31, 2011, are concentrated in the metropolitan areas of New York, Los Angeles, San Francisco, Chicago, Miami, Washington, District of Columbia, Boston, Philadelphia and certain cities in Texas. At December 31, 2011, NA RCB had $38.9 billion of retail banking loans and $148.8 billion of deposits. In addition, NA RCB had 22.0 million Citi-branded credit card accounts, with $75.9 billion in outstanding card loan balances.
EMEA Regional Consumer Banking (EMEA RCB) provides traditional banking and Citi-branded card services to retail customers and small to mid-size businesses, primarily in Central and Eastern Europe, the Middle East and Africa (remaining retail banking and cards activities in Western Europe are included in Citi Holdings). The countries in which EMEA RCB has the presence are Poland, Turkey, Russia and the United Arab Emirates. At December 31, 2011, EMEA RCB had 292 retail bank branches with 3.7 million customer accounts, $4.2 billion in retail banking loans and $9.5 billion in deposits. In addition, the business had 2.6 million Citi-branded card accounts with $2.7 billion in outstanding card loan balances.
Latin America Regional Consumer Banking (LATAM RCB) provides traditional banking and branded card services to retail customers and small to mid-size businesses, with the presence in Mexico and Brazil. LATAM RCB includes branch networks throughout Latin America as well as Banco Nacional de Mexico, or Banamex, Mexico bank, with over 1,700 branches. At December 31, 2011, LATAM RCB overall had 2,221 retail branches, with 29.2 million customer accounts, $24.0 billion in retail banking loans and $44.8 billion in deposits. In addition, the business had 12.9 million Citi-branded card accounts with $13.7 billion in outstanding loan balances.
Asia Regional Consumer Banking (Asia RCB) provides traditional banking and Citi-branded card services to retail customers and small- to mid-size businesses, with the Citi presence in South Korea, Japan, Taiwan, Singapore, Australia, Hong Kong, India and Indonesia. Citi’s Japan Consumer Finance business, is included in Citi Holdings. At December 31, 2011, Asia RCB had 671 retail branches, 16.3 million customer accounts, $66.2 billion in retail banking loans and $109.7 billion in deposits. In addition, the business had 15.9 million Citi-branded card accounts with $21.0 billion in outstanding loan balances.
Institutional Clients Group
ICG provides corporate, institutional, public sector and high-net-worth clients around the world with a range of products and services, including cash management, foreign exchange, trade finance and services, securities services, sales and trading, institutional brokerage, underwriting, lending and advisory services. At December 31, 2011, ICG had $484 billion of deposits. Securities and Banking (S&B) offers an array of investment and commercial banking services and products for corporations, governments, institutional and retail investors, and high-net-worth individuals. S&B transacts with clients in both cash instruments and derivatives, including fixed income, foreign currency, equity, and commodity products. S&B includes investment banking and advisory services, lending, debt and equity sales and trading, institutional brokerage, derivative services and private banking.
Transaction Services is composed of Treasury and Trade Solutions and Securities and Fund Services. Treasury and Trade Solutions provides cash management and trade finance and services for corporations, financial institutions and public sector entities worldwide. Securities and Fund Services provides securities services to investors, such as global asset managers, custody and clearing services to intermediaries such as broker-dealers, and depository and agency/trust services to multinational corporations and governments globally. Revenue is generated from net interest revenue on deposits in these businesses, as well as from trade loans and fees for transaction processing and fees on assets under custody and administration in Securities and Fund Services.
Brokerage and Asset Management
Brokerage and Asset Management (BAM) consists of Citigroup’s global retail brokerage and asset management businesses. At December 31, 2011, BAM had approximately $27 billion of assets, or approximately 10% of Citi Holdings’ assets, primarily consisting of Citi’s investment in, and assets related to, the Morgan Stanley Smith Barney joint venture (MSSB JV).
Local Consumer Lending
As of December 31, 2011, Local Consumer Lending (LCL) included a portion of Citigroup’s North America mortgage business, retail partner cards, CitiFinancial North America (consisting of the OneMain and CitiFinancial Servicing businesses), remaining student loans, and other local Consumer finance businesses globally (including Western European cards and retail banking and Japan Consumer Finance). The North America assets consisted of residential mortgages (residential first mortgages and home equity loans), retail partner card loans, personal loans, commercial real estate, and other consumer loans and assets. Citi’s North America Consumer mortgage portfolio consists of both residential first mortgages and home equity loans. As of December 31, 2011, Citi’s North America Consumer residential first mortgage portfolio totaled $95.4 billion, while the home equity loan portfolio was $43.5 billion.
Special Asset Pool
Special Asset Pool (SAP) had approximately $41 billion of assets as of December 31, 2011, which constituted approximately 15% of Citi Holdings assets as of December 31, 2011. SAP consists of a portfolio of securities, loans and other assets.
Corporate/Other includes global staff functions (including finance, risk, human resources, legal and compliance). It also include other corporate expense, global operations and technology, unallocated Corporate Treasury and Corporate items and discontinued operations.