Citibank N.A.

Citibank N.A.

 

(prior to Mar. 1, 1976, First National City Bank of New York), one of the largest private banks in the USA and the capitalist world. The bank was formed in 1955 by a merger of the National City Bank of New York (established 1812) and the First National Bank of the City of New York (established 1863). From its founding to approximately the mid-20th century, the latter bank surpassed all others in the USA in total assets held and was connected with the Morgans, Stillmans, Rockefellers, and other major financial groups.

Citibank N.A. today has close ties with major corporations in metallurgy (Alcan Aluminium Ltd. and Anaconda Company), machine building and electronics (United Technologies Corp., International Business Machines Corp., and the American Telephone and Telegraph Company), the petrochemical industry (Exxon Corporation), and insurance (Metropolitan Life Insurance Company). The bank has more than 2,000 branches and subsidiaries in 103 countries, chiefly in Latin America, constituting the largest foreign network of its type. It owns 49 percent of the outstanding capital stock of Grindlays Bank, Ltd., in Great Britain and 51 percent of Trinkaus und Burkhardt and 68 percent of the Kundenkreditbank in West Germany. It also owns controlling shares in Canada’s Mercantile Bank of Canada and Australia’s Industrial Acceptance Corporation.

Citibank’s total balance on June 30, 1976, was $56 billion. Capital and reserves totaled $2.9 billion, and deposits and current accounts amounted to $45.9 billion. Loans and discounts totaled $34.3 billion, and securities amounted to $4.8 billion.

E. D. ZOLOTARENKO

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