Citibank Canada
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Headquarters | Toronto , Canada |
Area served | Canada |
| Products | Securities trading, cash management, treasury solutions, trade finance, custodial and clearing services, securities financing, depositary receipts, trust offerings, corporate and investment banking, private banking, private-label credit cards |
| Parent | Citigroup |
| Website | www |
Citibank Canada, known commercially as Citi Canada, functions as the Canadian branch of the American global financial services giant Citigroup. Its main office is situated in Toronto, Ontario, with additional branches located in Calgary, London, Ontario, Montreal, Mississauga, and Vancouver.
History
Operating under the Bank Act as a Schedule 2 institution (foreign-owned, deposit-taking bank), Citi Canada holds membership in both the Canadian Bankers Association (CBA) and the CDIC, which guarantees deposits up to federally prescribed limits.
Up until April 3, 2017, Citi Canada’s consumer finance operations targeted primarily sub-prime and near-prime borrowers through its subsidiary, CitiFinancial Canada. This unit was sold to private equity firms J.C. Flowers & Co. and Värde Partners, subsequently rebranded as Fairstone Financial, Inc., and managed around 200 branches throughout Canada.
Products and services
Citi Canada's portfolio includes securities trading, cash management, treasury solutions, trade finance, custodial and clearing services, securities financing, depositary receipts, trust offerings, corporate and investment banking, as well as private banking. Additionally, it issues the private-label credit card for The Home Depot Canada. In the past, Citi Canada provided various MasterCard credit cards until it divested its Citi Cards Canada segment to Canadian Imperial Bank of Commerce (CIBC) in a deal valued at CAD 2.1 billion in 2010.