Citibank Canada

Citibank Canada
Citi Canada
Company typeSubsidiary
Industryfinancial services
Founded1919, Toronto, Ontario
HeadquartersCitigroup Place

123 Front Street West, Suite 1900

Toronto, Ontario M5J 2M3
Key people
CEO: John Hastings (Jul 6, 2010–)
Total assetsUS
Number of employees
(Full-time equivalent, 2020) 1,700
Websitecitigroup.com/canada/en

Citibank Canada, operating as Citi Canada, is the Canadian subsidiary of the American multinational financial services corporation Citigroup. Citi Canada is headquartered in Toronto, Ontario, with offices in Calgary, London, Ontario, Montreal, Mississauga, and Vancouver.[1]

History

Citi Canada's Schedule 2 (foreign-owned, deposit-taking), under the Bank Act of Canada, subsidiary Citibank Canada is a member of the Canadian Bankers Association (CBA) and a member[2] of the CDIC, a federal Crown corporation that insures deposits to applicable limits and across deposit categories.[3]

Up until the finalization of the sale of its consumer finance subsidiary, CitiFinancial Canada, to affiliates of private equity firms J.C. Flowers & Co. and Värde Partners on April 3, 2017, the company engaged in consumer retail loans principally to sub-prime and near-prime borrowers.[4] Both in the years preceding and after the sale transaction, CitiFinancial Canada, which was renamed Fairstone Financial, Inc. post-close, had 200 branches in Canada.[4]

Products and services

The company provides securities trading, cash management, treasury, trade financing, custodial services, clearing, securities financing, depositary receipt, trust services, corporate banking, investment banking, private banking, and the private-label credit card of The Home Depot Canada.[5] It had previously issued various MasterCard credit cards until Citi Canada sold that division (named Citi Cards Canada, Inc.) to CIBC in a $2.1 billion CAD deal in 2010.[6]

See also

References

  1. ^ "Citi | North America | Canada". www.citigroup.com. Retrieved 2019-09-07.
  2. ^ "List of Member Institutions". Canada Deposit Insurance Corporation. Retrieved 27 August 2019.
  3. ^ "How deposit insurance works". Canada Deposit Insurance Corporation. Retrieved 27 August 2019.
  4. ^ a b "Introducing Fairstone Financial Inc., formerly CitiFinancial Canada, providing responsible lending solutions to Canadians". Fairstone. Fairstone Financial, Inc. 3 April 2017. Retrieved 27 August 2019.
  5. ^ "Citi Canada". Retrieved 27 August 2019.
  6. ^ "CIBC to acquire $2.1 billion Canadian MasterCard portfolio from Citigroup". Canada Newswire. CISION. 14 June 2010. Retrieved 27 August 2019.


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