Full Description

Citigroup Inc. (Citigroup), incorporated in 1988, is a global diversified financial services holding company. The Company is engaged in providing a range of financial services to consumers and corporate customers. As of May 4, 2009, Citigroup had more than 200 million customer accounts and did business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citigroup provides consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. In August 2009, the Company sold three credit card portfolios. In September 2009, Citigroup Inc. completed the sale of Nikko Cordial Securities to Sumitomo Mitsui Financial Group, Inc.'s subsidiary, Sumitomo Mitsui Banking Corporation. In October 2009, the Company sold its Nikko Asset Management Co. to The Sumitomo Trust & Banking Co., Ltd.

On December 5, 2008, the Company completed the sale of German retail banking operations to Credit Mutuel. On July 31, 2008, it sold CitiCapital, the equipment finance unit in North America, to GE Capital. On July 1, 2008, Citigroup and State Street Corporation completed the sale of CitiStreet, a benefits servicing business, to ING Group. On June 30, 2008, Citigroup completed the sale of Diners Club International (DCI) to Discover Financial Services. During the year ended December 31, 2008, Global Cards sold substantially the entire Upromise Cards portfolio to Bank of America. During 2008, the Company sold its interest in the Citigroup Global Services Limited (CGSL) to Tata Consultancy Services Limited (TCS).

Citicorp

Citicorp is a global bank for businesses and consumers, which has two primary underlying businesses: the Global Institutional Bank and Citigroup’s regional consumer banks. Global Institutional Bank serves corporate, institutional, public sector and private banking clients. Citigroup’s regional consumer banks provide traditional banking services, including branded cards, as well as small and middle market commercial banking.

Citi Holdings

Citi Holdings is primarily comprised of the Company’s brokerage and asset management business, local consumer finance business, and a special asset pool. Citi Holdings focuses on risk management and credit quality.