BACKGROUND OF THE COMPANY
Citigroup was formed in 1998 by the merger of Citicorp and travelers group.
In 1865, the company joined the US national banking system and became The National city bankof New York.
Branches were started in Asia, Europe and Latin America by the early 1900s.
In 1974, the holding company changed its name to Citicorp to signify the global nature of its operations.Citicorp was formed with different alliances between:
* Travelers life & annuity
* Stock broking firm
* Subsidiary of travelers
* Salomon brothers, primary dealers in USAgovernment securities.
* Banamex (from Mexico)
* Primericia financial solutions
Citicorp entered Japan in 1902.
The financial services agency (FSA) in 2001 found irregularities in Citibank. Ituncovered a number of acts injurious to public interest, serious violations of law and regulations, and extremely inappropriate transactions in the private banking unit, despite regulatory warnings and areprimand by the FSA in may 2004.
The withdrawal from this area of business started on September 29, 2004, as all new transactions with customer were suspended. It was a unique breakdown in Japandue to the individuals involved.
ABOUT THE COMPANY
By the 1890, Citibank became the largest bank in the USA and one of the major American banks to establish a foreign department.Citigroup grew into one of Japan`s most diverse financial service providers. It operated in brokerage, credit cards, asset management, consumer finance and insurance business.
*Bring together banking, insurance and investments under one umbrella.
* Citicorp business was in different countries
* customer relieve
* Many years of experience in the market.
* Why don’t accept the advertisement of financial services agency?
* Why did they commit serious violation of law?
* Why did they have more legal problems in Japan?
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