Citigroup's Exit from India: Restructuring or Failure to Scale Up?

Global Economic Impact of Coronavirus – Assessment and Mitigation (B)
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
Global Economic Impact of Coronavirus – Assessment and Mitigation (B)
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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