Is Citicard the Same as Citibank? (2024)

FAQs

Are Citibank and Citi the same bank? ›

Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.

In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. However, the bank had been nicknamed "Citibank" since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address.

A Citicard is a product offered by Citibank, so the two names are related but not exactly synonymous. Citicard refers to any Citibank-issued credit card or debit card, whereas Citibank is a subsidiary of Citigroup, a multinational financial services corporation.

In March 2023, Axis Bank said it completed its acquisition of Citibank's India consumer and non-banking finance businesses. The deal, announced in March 2022, has been closed for a cash consideration of $1.41 billion in one of the largest deals in the Indian financial services space.

Citibank is owned by Citigroup, a U.S.-based investment bank and financial services corporation headquartered in New York, NY. Citigroup was founded in 1998 and has owned Citibank ever since. Citibank is the 3rd-largest credit card issuer in the United States, with 79.1 million cards in circulation.

Citibank changed their classic red umbrella logo to reflect only the name Citi in 2007 as part of a rebranding effort. Citigroup is the parent company of Citibank, and it was formed after Citicorp agreed to merge with Travelers Group in 1998.

Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

Citigroup has been fined £61.6m by financial regulators after its internal systems failed to prevent a fat-fingered banker causing a flash crash by erroneously placing more than £1bn of orders. The trader had intended to sell equities to the value of $58m (£46m) on 2 May 2022.

What bank issues Citibank credit cards? ›

Citi credit cards, also known as Citicards, are credit cards issued by the financial services giant Citibank. Citicards are known for offering attractive rewards and lengthy 0% APR promotions to people with above-average credit.

It's a mindset. We see the world differently than most other banks and we are able to use our insights and local knowledge to uniquely enable our clients to grow globally.

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide.

Citi - A bank with history and tradition

Citi started to operate its business activities in 1812 in New York under its original name First National City Bank. Since then, Citi has been a major player in some of the world's most innovative breakthroughs in banking, for ex. the pioneering of the world's first ATM.

Citigroup shares fell after it reported higher fourth-quarter charges than previously anticipated linked to its exposure to Argentina and Russia, as well as its restructuring.

Citi Private Bank is the private banking division of Citibank; it provides banking services to high-net-worth individuals, family offices, law firms, and other institutions.

Citi stands for Citibank and its parent company Citigroup. The Citi brand name was established in 1974 when the holding company First National City Corporation changed its name to Citicorp, and Citi is now one of the largest U.S. credit card issuers, with around 68 million cards in circulation.