Citibank Argentina
| Company type | Subsidiary |
|---|---|
| Industry | Financial services, Commercial banking |
| Predecessor | National City Bank of New York (Buenos Aires branch) |
| Founded | 1914 |
| Fate | Divested retail banking segment to Banco Santander Argentina in 2016 |
| Headquarters | Buenos Aires , Argentina |
Area served | Argentina |
| Parent | Citigroup |
Citibank Argentina operates as a financial services provider and commercial bank, functioning as a subsidiary under the umbrella of Citigroup. Since divesting its retail banking segment to Banco Santander Argentina in 2016, the institution has concentrated on delivering services to corporate and institutional clients.
Overview
Established in 1914 as the Buenos Aires branch of the National City Bank of New York, Citibank Argentina holds the distinction of being the earliest American bank established in the country. Although it has not been among the dominant banks in Argentina, it earned a reputation for high service standards. Notably, its Paylink payment system was awarded Argentina's inaugural ISO 9000 certification in 1997, followed by ISO 9002 certifications for Citiservice and Citiphone Banking in 2002.
During the 1990s, with H. Richard Handley at the helm—who maintained close connections with then-Citigroup chairman John S. Reed—the bank played a lucrative role in the 1990 privatization of the state-owned telecom company ENTel. Subsequently, under Carlos Fedrigotti's leadership, Citibank Argentina expanded by acquiring Banco Mayo in 1998, rescuing the failing institution and doubling its branch count.
The financial crisis spanning 1998 to 2002 led to significant losses for the bank and triggered an investigation by the U.S. Securities and Exchange Commission in 2004. In 1999, Citibank Argentina purchased Provencred, which was later sold to Banco Comafi in 2009.
Prior to transferring its retail operations to Banco Santander Argentina in April 2017, Citibank Argentina managed assets totaling US$1.4 billion and provided products such as credit cards, personal loans, deposit accounts, and retail brokerage services.
Headquarters
Located at Bartolomé Mitre 502 within Buenos Aires' central financial district, Citibank Argentina's headquarters stand opposite key competitors including the Bank of the Province of Buenos Aires and Banco Santander Argentina. The building, completed in 1929 and designed by architects Luis Aberastain Oro and Lyman Dudley, is noted for its unique Art Deco exterior and prominent main hall. Historically, it also served as home to the Club Americano, a social venue favored by members of Buenos Aires' American expatriate community.
