What is the history of the Citicorp Banking Corporation?


Quick Answer

Citigroup, Inc. originated from the First Bank of the United States, which was founded in 1791, and after its failure it reorganized as City Bank of New York in 1812. The bank became National City Bank of New York in 1865 and laid the first trans-Atlantic cable connecting New York to London in 1866. The company used the wire code address "Citibank" in its communications.

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Full Answer

United States President Theodore Roosevelt requested that National City Bank of New York finance building the Panama Canal in 1904. The bank opened a branch in Buenos Aires, Argentina, in 1914, and then became a worldwide power when it purchased a controlling interest in the International Banking Corporation in 1915 and gained complete interest in 1918.

Citibank expanded into corporate lending in 1955 and created the negotiable Certificate of Deposit in 1961, which gave customers higher returns on deposits with decreased liquidity. The bank pioneered the first ATM machine in Queens, New York, in 1977. Citicorp merged with Travelers Group Inc. in 1998 to create the modern Citigroup, Inc., and the company took control of Travelers Property Casualty Corp. in April 2000. Citi created "smart banking" in 2010, which allows customers to video chat with customer service representatives and access online banking.

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