Citi Asia, a subsidiary of US-based bank Citigroup in Asia, recently launched Citi Mobile Collect, a mobile payment platform that enables customers to complete fund transfers via mobile phones, in China and India. The service allows small businesses to make mobile money transactions such as payments to merchandise providers that are Citi corporate customers. The service, which is also available in South Korea through Citi Asia Pacific and the Dominican Republic through Citi Latin America, recently received an award at the 2014 Bank Innovation conference in the US city of Seattle.
As of year-end 2013, the consumer banking unit for Citi Asia Pacific reported assets of USD 129 billion, total loans of USD 71.6 billion and USD 101 billion in deposits. Similarly, as of December 31, 2013, the consumer banking unit for Citi Latin America reported assets of USD 82 billion, USD 30.6 billion in loans and USD 47.7 billion in deposits; and Citigroup reported 200 million customers in 160 countries, total assets of USD 1.88 trillion and total deposits of USD 968 billion.
By Chikondano Faith Chisala, Research Associate
About Citi Asia Pacific
Citi Asia Pacific is a subsidiary of Citigroup, a US-based financial services corporation. The consumer banking unit for Citi Asia provides traditional banking and Citi-branded card services to retail customers and small and medium-sized enterprises (SMEs) through a network of approximately 550 branches in 18 countries. The bank has approximately 16.8 million customer accounts. As of year-end 2013, the unit reported assets of USD 129 billion, total loans of USD 71.6 billion, and USD 101 billion in deposits. Citi Asia had approximately 320 million Citi-branded card accounts in circulation as of year-end 2013.
About Citi Latin America
Citi Latin America is a Latin American subsidiary of Citigroup, a US-based financial services corporation. The consumer banking unit for Citi Latin America provides traditional banking and Citi-branded card services to retail customers and small and medium-sized enterprises (SMEs) through a network of approximately 2,020 branches in 24 countries. Citi Latin America has approximately 32.2 million customer accounts. As of December 31, 2013, the unit reported assets of USD 82 billion, total loans of USD 30.6 billion, and USD 47.7 billion in deposits. In addition, the business had approximately 9.2 million Citi-branded card accounts in circulation as of year-end 2013.
About Citigroup
Citigroup is a financial services corporation with its headquarters in the US city of New York. Citigroup offers services including consumer and commercial banking, brokerage, asset management and institutional securities and transactions services in approximately 160 countries. Citigroup’s philanthropic activities are carried out by the Citi Foundation. As of December 2013, Citigroup reported 200 million customers, total assets of USD 1.88 trillion, total deposits of USD 968 billion, return on assets (ROA) of 0.73 percent and return on average stakeholder’s equity of 6.9 percent.
Sources and Additional Resources
[1] Citi Group, News, “Citi China Launches Citi Mobile Collect Offering New transaction solution echoes global strategy of digitization,” http://www.citigroup.com/citi/about/mobile/news-article.html?id=130528b
[2] Bank Innovation, News, “Citi, US Bank and mBank Win 2014 Bank Innovation Awards,”http://www.bankinnovation.net/2014/03/citi-us-bank-mbank-win-2014-bank-innovation-awards
[3] The Guardian, Business,“Citi Latin America wins 2014 bank innovation award,” http://guardian.co.tt/business/2014-03-17/citi-latin-america-wins-2014-bank-innovation-award
MicroCapital, March 31, 2014, “Overseas Private Investment Corporation (OPIC), Citi to Share Risk on $550m Global Loan Facility, $220m Inclusive Growth Agreement,” https://www.microcapital.org/microcapital-brief-overseas-private-investment-corporation-opic-citi-to-share-risk-on-550m-global-loan-facility-220m-inclusive-growth-agreement/
MicroCapital, January 27, 2014, “Citigroup, Overseas Private Investment Corporation (OPIC) Lend $10m to Bank of Georgia to Support Financial Inclusion of Micro-, Small Enterprises (MSEs),” https://www.microcapital.org/microcapital-brief-citigroup-overseas-private-investment-corporation-opic-lend-10m-to-bank-of-georgia-to-support-financial-inclusion-of-micro-small-enterprises-mses/
MicroCapital, February 19, 2013, “Citigroup Launches Citi Mobile Collect in the Dominican Republic,” https://www.microcapital.org/microcapital-brief-citigroup-launches-citi-mobile-collect-in-the-dominican-republic/
MicroCapital, January 29, 2013, “Center for Financial Inclusion at Accion, Citi, Visa Announce Launch of Financial Inclusion 2020 Initiative, to Convene Forum in London in October,” https://www.microcapital.org/microcapital-brief-center-for-financial-inclusion-at-accion-citi-visa-announce-launch-of-financial-inclusion-2020-initiative-to-convene-forum-in-london-in-october/
MicroCapital Universe Profile: Citigroup, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup
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