Citigroup's Exit from India: Restructuring or Failure to Scale Up?
| Case Code: BSTR627 Case Length: 12 Pages Period: 1985- 2021 Pub Date: 2021 Teaching Note: Available |
Price: Rs.400 Organization: Citigroup Industry: Banking Countries: India Themes: Business Level Strategies, Banks and Banking, Financial Institutions, Strategic Planning |
Abstract Case Intro 1 Case Intro 2 Excerpts
An Introduction to Citigroup
The genesis of Citigroup Inc. (Citi), a globally diversified financial services holding company, dated back to the early 19th century. In 1811, the US Congress declined to renew the charter of the First Bank of the US – the country’s central bank, which had branches in cities like New York. Consequently, on June 16, 1812, some of the First Bank’s New York shareholders and other investors secured state incorporation of the City Bank of New York, which was later established in the branch banking rooms of the old First Bank. The bank grew as New York city became the country’s commercial and financial capital, and in 1865, it was chartered under the National Bank Act and rechristened the National City Bank of New York. In 1897, it became the first large American bank to open a foreign department and, in 1915, it became the US’s leading international bank after it purchased International Banking Corporation (founded in 1902), which had 21 overseas offices in 13 nations and territories..
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