INTRODUCTION
Citibank is one of the major international banks and it is the consumer banking arm of financial services giant Citigroup.
Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JPMorgan Chase.
Citibank has retail banking operations in more than 160 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami.
In addition to the standard banking transactions, Citibank offers insurance, credit cards and investment products. Their online services division is among the most successful in the field claiming about 15 million users.
The rapid growth of economies of Asian Pacific countries served as an emerging market. Since 1978 Citibank had a representation there, but approximately 10 years later, launched the most innovative service, a new product named credit card. Citibank’s mission in the Asia Pacific region was to be the most profitable provider of financial services to an increasingly affluent and middle-income market.
With this, Citibank has more opportunities to cross sell product line: Auto Loans, Ready Credit, Deposits, and Mortgage Power, Citibank’s core products. But Citibank headquarters have doubts about the success of credit card service in Asia-Pacific. Because there are many regulations that prevent foreign companies with entering credit card service, and the market is undeveloped yet.
SWOT ANALYSIS OF CITIBANK
Customer Segmentation:
Different countries can be divided into different segments as each country has its distinct market characteristics and rules and regulations.
Some countries are desirable to start credit card service