Citi’s Post

HSBC Holdings is exploring the possibility of selling its South African assets as it shifts its focus toward Asian markets. Banks from South Africa, China, and the UAE have shown interest in acquiring their South African branch and securities operations, though no agreement has been reached yet. HSBC, which has been active in South Africa since 1995, primarily engages in international markets, global banking, and commercial banking in the region. However, If the sale goes through, it would signify their exit from sub-Saharan Africa, and align more with the bank's recent strategy under CEO Georges Elhedery to simplify operations and prioritise growth in Asia, following similar divestments in France and Canada.

#TheRoyalBankofCanada (#TSX: RY) and (#NYSE: RY) has unveiled significant executive appointments to drive its next phase of #growth following the acquisition of #HSBCBank Canada. #stockupdate #investment #stockmarket

💡Georges Elhedery......From my perspective, HSBC has a unique opportunity to lead financial transformation in Latin America with a comprehensive, localized strategy. By adopting advanced technologies like #AI and #blockchain, #HSBC can provide personalized and secure services. Enhancing remittance processing is crucial for families dependent on these funds. Additionally, ensuring linguistic and technological inclusion in remote areas is essential for reaching the entire population. Supporting SMEs and microfinance will drive #economic #growth, while promoting sustainable products and financial education will advance the region’s socioeconomic development. Collaborating with local #fintechs can foster innovation and create tailored financial solutions. Through these initiatives, HSBC can not only strengthen its competitive position but also play a pivotal role in advancing financial inclusion across #LatinAmerica. #sustainability #innovation #technology #energy #data #business #marketing #money #entrepreneurship #management

How do you position a company to serve 120 million new consumers - especially when many are new-to-country? Our CEO Misha Esipov was in London last week, speaking at the HSBC Leadership Offsite about our joint commitment to serve this community that is fast becoming the largest opportunity in consumer finance. Partners have seen significant year-over-year increase (79% in one example) in credit card approval rates for newcomers when incorporating foreign credit history from eligible countries. Read more about the recent launch of HSBC UK partnership here to learn more about expansion into new markets: https://lnkd.in/edDBYzVu

The Rise and Fall of Citibank: A Century of Challenges and Resilience Citibank, once the largest bank in America, has experienced a tumultuous journey since its inception in 1812. From its roots in the aftermath of war and economic turmoil to its current struggles, the history of Citibank is a tale of resilience, innovation, and challenges that continue to shape the banking landscape today. https://lnkd.in/gyhk5MhE

We are thrilled to announce that our collaboration with UniCredit is moving forward, both in Romania and in Greece. This is an exciting partnership that will offer exceptional services to our clients. As Dr. Vassilios Psaltis, Alpha Bank Group CEO, noted: " For Alpha Bank, having a strong partner like UniCredit ‘opens a window to the world for our clients’. UniCredit is treating us as equal, encouraging ideas and contributions. That's energizing for our teams." Andrea Orcel, UniCredit CEO, highlighted that he's very, very happy with what both partners have done, calling the purchase of a minority stake in Alpha Bank a "pilot" for new markets. "There may be other markets where we're interested to develop directly in central Eastern Europe. If I can replicate it with partners that make sense for UniCredit, I will." Both CEOs said they’re confident that the cooperation between the two banks can go beyond initial expectations. The joint interview can be read on Bloomberg at: https://alphab.gr/3vLLLId #AlphaBank #GreeceInvestments #OurStrategy #OurBusiness

In a new article that came out in Business History I explore how the cold war influenced the conduct of banking business in Eastern Europe: I focus on Barclays’, Paribas’, and Société Générale’s involvement in Poland from the 1950s to the 1980s. https://lnkd.in/damTrv7T In concluding this 1979 report, the author writes he developed relations with Eastern European countries "with the only aim to serve our bank, and, even more modestly, the interests of our country." The interests of the bank and the state are clearly intertwined. How did it work out for each bank? Société Générale, Barclays and Paribas had all different ways of formalizing their strategies with Eastern European countries, from very structured (with specific dedicated unit) to very informal. The archives of Barclays, Paribas, and Société Générale allow to find a wealth of material uncovering their preconceptions, strategies, and expectations in a cold war world. What I show in the article is that the key was the entanglement of business interests with the expectation that the relaxation of Cold War tensions would last, and allow financial activities to flourish. In a way this is a companion article, moving away from the government perspective I provided here: https://lnkd.in/d4s6kMWF

It is my 6th #WorkAnniversary month at Citi and basis my experience and observation – I am sharing with you one reason to join Citi every day. Day 8, Reason 8 –. Citi also known as Citigroup, has a rich #History dating back to early 19th century. Here are some key milestones in Citi's history: -) 1812 - Citi 's predecessor, the City Bank of New York, was established on June 16, 1812, by a group of New York merchants to provide banking services to the city's growing population. -) 1863 - The National Banking Act of 1863 was passed, leading to the formation of National City Bank of New York, which became the largest bank in the United States at the time. -) 1894 - National City Bank was one of the first banks to establish a foreign department, facilitating international trade and finance. -) 1919 - National City Bank expanded its operations globally by opening its first foreign branch in Buenos Aires, Argentina. -) 1955 - National City Bank changed its name to The First National City Bank of New York, commonly referred to as "First National City" or "Citibank." -) 1976 - Citibank became one of the first banks to introduce automated teller machines (ATMs), revolutionizing the way customers access their funds. -) 1998 - Citicorp and Travelers Group merged to form Citigroup, creating one of the world's largest financial services companies under the leadership of CEO Sanford Weill. -) 2012 - Citigroup celebrated its 200th / bicentennial anniversary, since the founding of its predecessor, the City Bank of New York. -) Present - Today, Citigroup is a leading global bank with a presence in over 160 countries and jurisdictions, offering a wide range of financial products and services to individuals, corporations, governments, and institutions worldwide. Throughout its history, Citi has played a significant role in shaping the #banking industry and facilitating economic growth and development around the world. #ReasonsToJoinCiti #CitiCareers #CitiProud #LifeAtCiti #Belongingness #KnowCitiBetter #HistoryOfCiti

Did you know: Despite being a relatively new player in the market, Discovery Limited Bank has been ranked first for the last two years in the Ask Afrika (Pty) Ltd Orange Index for service excellence. This commitment to service excellence is one of the reasons that we are passionate about being a partner to Discovery and we look forward to working with our clients in 2024 to help them utilise this innovation in their wealth-building journey. #discovery #bank #financialplanning

When international corporations like HSBC decide to exit a country's market, such a move undoubtedly causes regret but not catastrophic sentiment. It's crucial to remember that the foundation of any organization's success is the people working within it. In Armenia, as in any other country, there are talented professionals capable of maintaining and developing high standards of work, regardless of the brand under which they operate. The presence of major players like HSBC in the market has undoubtedly contributed to the introduction and dissemination of international standards in Armenia's banking sector. However, the departure of one company opens doors for others, including local banks like Ardshinbank CJSC, which can use the accumulated experience for further growth and improvement of their services. This also serves as a stimulus for local professionals not to rest on their laurels but to strive for new heights, applying the best global practices in practice. Faced with such changes, it's important to look to the future with optimism and readiness for new challenges. It's time for local banks and professionals to show their worth, take responsibility for the further development of the country's financial sector, and prove that quality and innovation are not dependent on an international name but are the result of hard work, knowledge, and the desire for excellence. Ultimately, any changes in the market provide a unique opportunity for growth and self-affirmation. They allow us to appreciate the present, learn lessons from the past, and look to the future with optimism, where the main role is played not by brands, but by people, their skills, knowledge, and desire to move forward.