INTERNSHIP REPORT CITI BANK LIMITED SUBMITTED TO: Head of internship committee. Department Of Business Administration Bahauddin Zakariya University Multan Sub Campus Sahiwal SUBMITTED BY: Muhammad Umair Waqas BBA(Hons.) 6 th semester Roll no: BBS-06 Department Of Business Administration 1
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INTERNSHIP REPORTCITI BANK LIMITED
SUBMITTED TO:
Head of internship committee. Department Of Business Administration Bahauddin Zakariya University Multan Sub Campus Sahiwal
SUBMITTED BY:
Muhammad Umair WaqasBBA(Hons.) 6th semesterRoll no: BBS-06
Department Of Business Administration
Bahauddin Zakariya University Multan
Sub Campus Sahiwal
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PREFACE
Banking sector owes a pivotal importance in the economy of any country
through its vibrant functions. That is why being a banking and finance student it
was necessary for me to select a bank for learning purpose so that I can learn
various banking methods and technique not only to enhance my knowledge but
also to implement them on practical grounds
This report is an upshot of my internship experience in Citi Bank, Main Branch,
Garden Town, Lahore . CITI Bank posses an imperative and historical importance
in the banking sector of Pakistan.
My work of these six weeks gave me great practical knowledge banking system
but I strongly belief in a proverb" nothing is perfect" there remains a room of
improvement in every effort for new ideas and more research and knowledge. My
present effort is also a ring of this chain.
I have strong belief that this report will guide and ease the readers to understand
the operations of banking system and more prominently have good knowledge
about CITI BANK, one of the most trusty and Leading banks in Pakistan
Muhammad Umair
Waqas
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ACKNOWLEDGEMENT
I am highly grateful to Almighty Allah who gave me the power to
complete this report. After that without the encouragement and help of my fellows
& my teachers, I perhaps would not been able to write what I have written, it
would be almost an unending list of persons who helped me in one way or other
but then it would be great injustice on my part not to mention the names of those
who provided me the required information and cooperation.
I pay thanks to Mr. Tanvir Bashir “Management & Analytical unit N.A” and
especially “Mr. Abrar Najeeb from the bottom of my heart for their direction &
guidance throughout my project. They not only provided the necessary material &
thoughts, but also encouraged me to do new things that promote a very creative
environment for research. Moreover, they allowed me to expand my expertise in
many areas of banking sector.
A special thanks to Mr. Aamir Ali Mehdi Collection Head of the North Region ,
and also to all related departments and above all my own department of Citi Bank
main branch Lahore who helped me a lot in preparing my report . I am really
thankful to all Heads of the departments in the main branch for their co-operation
during my Internship. At the end I am very thankful to all those persons who
helped me in completing this report.
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EXECUTIVE SUMMARY
Consistent with Citi’s goal of being the most respected financial services
company, and its corporate philosophy which emphasizes shared responsibility to
the communities where we live and work, Citi Pakistan strives to join its partners
in addressing community challenges through honest, constructive and meaningful
dialogue.
In Pakistan, Citi has been, and continues to be energetic in its support for projects
and initiatives that seek to develop the community. Be it through its philanthropic
arm ‘the Citi Foundation,’ or through timely transfer of expertise particularly in
areas related to the advancement of the local financial sector and employee
volunteerism, Citi Pakistan remains committed to making a difference.
In 2007, Citi Pakistan developed industry-leading initiatives and delivered best-
in-class programs, products, and services to our nonprofit partners and the
communities they serve.
In 2008, we will continue to engage in open and honest dialogue with our partners
and to work with them to proactively seek solutions. And in order to fulfill our
global corporate responsibilities, we are committed to providing programs and
solutions that meet the needs of communities across Pakistan.
We take our responsibility towards our community very seriously. Therefore, we
remain committed to fulfilling our corporate responsibilities through initiating
programs that meet the needs of communities across the country.
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TABLE OF CONTENTS
Introduction to city bank
Early history
Citi bank Pakistan
Citi bank’s world
Global consumer bank
Global corporate and investment bank
Milestones
Commercial banking
Corporate banking
Work done by me
Financial analysis
Latest news about Citi bank
Bibliography
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INTRODUCTION TO CITI BANK
Citibank is a major international bank, founded in 1812 as the City Bank
of New York, later First National City Bank of New York. Citibank is now the
consumer and corporate banking arm of financial services giant Citigroup, one of
the largest companies in the world. As of March 2007, it is the largest bank in the
United States by holdings.
Citibank has operations in more than 100 countries and territories around the
world. More than half of its 1,400 offices are in the United States, mostly in the
New York City, Chicago, Miami, and Washington DC metropolitan areas, as well
as in California.
In addition to the standard banking transactions, Citibank offers insurance, credit
card and investment products. Their online services division is among the most
successful in the field, claiming about 15 million users.
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Citigroup Inc. (Citigroup and, together with its subsidiaries, the Company, Citi or
Citigroup) is a global diversified financial services holding company whose
businesses provide a broad range of financial services to consumer and corporate
customers. Citigroup has more than 200 million customer accounts and does
business in more than 100 countries. Citigroup was incorporated in 1988 under
the laws of the State of Delaware. The Company is a bank holding company
within the meaning of the U.S. Bank Holding Company Act of 1956 registered
with, and subject to examination by, the Board of Governors of the Federal
Reserve System (FRB). Some of the Company’s subsidiaries are subject to
supervision and examination by their respective federal and state authorities. At
December 31, 2008, the Company had approximately 134,400 full-time and 4,100
part time employees in the United States and approximately 188,400 full-time
employees outside the United States. During 2008, the Company benefited from
substantial U.S. government financial involvement, including (i) raising an
aggregate of $45 billion through the sale of Citigroup non-voting perpetual,
cumulative preferred stock and warrants to purchase common stock to the U.S.
Department of the Treasury, (ii) entering into a loss-sharing agreement with
various U.S. government entities covering $301 billion of Company assets, and
(iii) issuing $5.75 billion of senior unsecured debt guaranteed by the Federal
Deposit Insurance Corporation (FDIC) (in addition to $26.0 billion of commercial
paper and inter bank deposits of Citigroup’s subsidiaries guaranteed by the FDIC
outstanding at the end of 2008). In connection with these programs and
agreements, Citigroup is required to pay consideration to the U.S. government,
including in the form of dividends on the preferred stock and other fees. In
addition, Citigroup has agreed not to pay common stock dividends in excess of
$0.01 per share per quarter for three years (beginning in 2009) or to repurchase its
common stock without the consent of U.S. government entities. On January 16,
2009, the Company announced realignment, for management and reporting
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purposes, into two businesses: Citicorp, primarily comprised of the Company’s
Global Institutional Bank and the Company’s international regional consumer
banks; and Citi Holdings, primarily comprised of the Company’s brokerage and
asset management business, local consumer finance business, and a special asset
pool. Citigroup believes that the realignment will optimize the Company’s global
businesses for future profitable growth and opportunities and will assist in the
Company’s ongoing efforts to reduce its balance sheet and simplify its
organization. See “Outlook for 2009—Changes to Citi’s Organizational
Structure” on page 7. On February 27, 2009, the Company announced an
exchange offer of its common stock for up to $27.5 billion of its existing
preferred securities and trust preferred securities at a conversion price of $3.25
per share. The U.S. government will match this exchange up to a maximum of
$25 billion of its preferred stock at the same conversion price. These transactions
are intended to increase the Company’s tangible common equity (TCE) and will
require no additional U.S. government investment in Citigroup. The principal
executive offices of the Company are located at 399 Park Avenue, New York,
New York 10022, telephone number 212 559 1000. Additional information about
Citigroup is available on the Company’s Web site at www.citigroup.com.
Citigroup’s recent annual reports on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K, as well as the
Company’s other filings with the Securities and Exchange Commission
(SEC) are available free of charge through the Company’s Web site by clicking
on the “Investors” page and selecting “All SEC Filings.”
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CITI BANK PAKISTAN
History
Citi’s goal is to be the most respected global financial services company.
As a great institution with a unique and proud history, it aims to play an important
role in the global economy and stands by its principle of always putting its clients’
interests first, acting with the highest level of integrity, respecting local cultures
and taking an active role in the communities it operates in.
Citi has been operating in Pakistan since 1961 and has a highly respected
franchise through its successful delivery of innovative, high-quality banking
products and services to its customers. It has many ‘firsts’ to its credit including
launching the first Credit Card in Pakistan, pioneering Consumer Asset financing
and introducing the first 24x7 call centre.
Citibank has been at the forefront of the financial sector reform process and has
been the lead bank in taking the Government to international capital markets,
including issues of the 1st Foreign Currency Sukuk, the 1st 30 year US$
Sovereign Bond and the first equity offering in over a decade. It is also the
leading bank in Pakistan for delivering Export Agency and Multilateral financing
and has been instrumental in the development of Pakistan’s market for derivatives
and other treasury products.
Business
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With more than 1,100 employees, Citi Pakistan operates through two
major business lines- the Global Consumer Group and Citi Markets & Banking,
providing a variety of services to more than 200,000 consumer & corporate
clients.Citi has steadily expanded its network over the last two years and now has
23 branches and 39 customer contact points across 10 cities in Pakistan.
Community
In an effort to play an active role in the development of the communities it
operates in, Citi, through its philanthropic arm, the Citi Foundation, continues to
support several initiatives in Pakistan in the areas of Corporate Governance,
Microfinance development and Financial Education. Over the past 4 years a total
of $2,658,000 has been allotted as grants to various social sector partners in
pursuance of this goal.
CITI BANKS WORLD
Combining some of the most respected brands in the financial services
business -- the Global Consumer Bank and the Global Corporate Investment Bank
- are uniquely positioned to offer a complete array of financial products. Citigroup
operates in a global economic environment which requires the expertise of a true
market leader.
Global Consumer Bank
Citibank Pakistan has demonstrated its ability to identify market needs and
develop products which are unique in concept and fulfill customer requirements.
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The aptitude to develop lifelong relationships while maintaining quality measures
and technological efficiencies has assisted Citibank in becoming a true market
leader.
Powerful distribution networks, electronic channels, myriad of financial products
which cater to customer mix, broad product capabilities - this is what is needed to
succeed in the volatile markets of today. This is what allows us to offer institutes
worldwide the right financial solutions - every time, all the time.
Global Corporate and Investment Bank
Corporate and investment banking clients include corporations at every
stage of development. Catering to the changing needs of corporations and
leveraging on long term relationships, we execute transactions of almost any size,
of every level of complexity, and back them with a wide distribution network.
Every customer is served by a versatile team of relationship managers who ensure
in-depth knowledge of trends and opportunities while synchronizing their
financial activities.
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MILESTONES
Citibank Pakistan's Milestones of the 90's
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The nineties were a decade of domination and leadership for Citibank in
the Pakistani marketplace and the trend continues into the new millennium.
1990 Consumer Bank was established.
1992 Consumer Asset Business is launched.
Car Financing is introduced.
CitiGold Priority Banking is established.
CitiPhone Banking launched.
1994 Citibank Visa Card (Gold and Silver) is launched.
1995 Self-Service Banking launched.
1996 Citibank, N.A. launches its Intranet System in April.
First bank to launch a Photo Credit Card.
1997 Citibank wins over 35 awards under the Euromoney Excellence
Awards. These awards included "Best Bank" and "Best Emerging
Market Bank" for two successive years.
Citibank and IBA develop an MBA program focused on Marketing
of Financial Services (MFS).
Citibank, N.A. pledges a donation to LUMS for their "Students Aid
Program".
Citibank, N.A. in November holds its first ever Car Financing
Dealer conference in Bhurban.
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Citibank, N.A. opens its sixth branch on Shahra-e-Faisal in Karachi
in December. This branch has the first 24-hour zone with ATMs
and CitiPhone booths.
1998 Citibank launched Pakistan's first affinity card known as the
"Citibank-Shaheen Credit Card".
1999 First foreign bank to launch MasterCard in Pakistan.
Citibank Home Loans is launched.
Car Financing Product Feature enhancement (25% Down Payment,
Free Pre-approved Credit Card with each car).
0% Down Payment product for your second car.
Complaint Tracking System (CTS) launched.
2000 Citibank, N.A. is the first Financial Institution to launch Personal
Loans in Pakistan.
The cards business launches the first ever Co-brand Credit Card in
Pakistan with Caltex.
Dewan Farooq Motors Limited manufacturers of KIA and Hyundai
cars in Pakistan, and Citibank joint label financing program.
Suzuki Car Financing private label Car Financing loan financing
program.
The Paktel-Citibank Credit Card is launched in June.
LG-Citibank Installment Plan is launched in June.
The liabilities business launches the "Karobar Account".
CitiPhone Banking introduces Self Service Banking
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COMMERCIAL BANKING
The Commercial Banking Group offers comprehensive solutions to meet
the needs of small and medium sized companies. Its portfolio management team
is specialized in sectors such as Textiles, Food & Allied, Chemicals, Auto
Vendors, Consumer Durables, Traders, and Educational Institutions, which
constitute Pakistan’s core business environment.
The Citibank brand has been built on our overarching belief that customer trust
and satisfaction are the basis of business success. We are committed to delivering
the best possible products and services and our success is continually
acknowledged through recognition such as Euro week magazine’s award for best
book runner of Asian currency bonds and Finance Asia magazine’s award for
Best Cash Management Bank.
Citibank performs banking activities over 100 countries around the world and
now brings its experience to those companies who think big. Small and medium
sized companies have started finding solutions to their banking needs through the
Commercial Banking Group. You can benefit from Citibank’s support.
In Pakistan, Citi has been, and continues to be energetic in its support for projects
and initiatives that seek to develop the community. Be it through its philanthropic
arm ‘the Citi Foundation,’ or through timely transfer of expertise particularly in
areas related to the advancement of the local financial sector and employee
volunteerism, Citi Pakistan remains committed to making a difference.
In 2007, Citi Pakistan developed industry-leading initiatives and delivered best-
in-class programs, products, and services to our nonprofit partners and the
communities they serve.
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In 2008, we will continue to engage in open and honest dialogue with our partners
and to work with them to proactively seek solutions. And in order to fulfill our
global corporate responsibilities, we are committed to providing programs and
solutions that meet the needs of communities across Pakistan.
We take our responsibility towards our community very seriously. Therefore, we
remain committed to fulfilling our corporate responsibilities through initiating
programs that meet the needs of communities across the country.
Personal Banking
1. Local Currency Deposits
2. Foreign Currency Deposits
3. Credit Cards
4. Debit Cards
5. Home Loans
6. Insurance
1. Local Currency Deposits
1. Rupee Current Account
2. Rupee Savings Account
3. Rupee Citi Ultimate Account
4. Current Account Premium
5. Citibank Premium Profit
6. CitiOne
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2. Foreign Currency Accounts
Citibank Foreign Currency Account provide you financial value and great
transactional convenience, 24 hours a day, 365 days a year. Take a look at their
features and you will know why.
1. Premium FCY Accounts
2. Savings Account
3. Term Deposit
CURRENCIES:
You can open an account in any of the below mentioned currencies.
1. US Dollar.
2. Great Britain Pound Sterling.
3. Euro.
SERVICES OFFERED:
i. Premium FCY Accounts
ii. Savings Account
iii. Term Deposit
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Credit Cards:
1. Gas Stations Spending Limit
2. New Minimum Pmt Policy
3. Citi Mobilink Credit Card
4. Citibank Caltex Credit Card
5. Citibank Clear Card
6. Citibank Gold & Silver Cards
7. E-card
8. Citibank Shaheen –
9. Affinity Credit Card
Citi Classic & Gold CardsGet a low rate and all the buying power you need
Citi Mobilink CardEarn 5 Talk Points to redeem for Free Air Time
Citi Caltex CardEarn up to Five Points to redeem for Free Fuel