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July 29, 2015 12:22 AM ET

Banks

Company Overview of Citibank International Limited

Company Overview

Citibank International plc, together with its subsidiaries, provides various banking products and services primarily in the United Kingdom and Continental Europe. The company provides savings and current accounts, time deposits, foreign currency deposit accounts, and personal loans products. It also offers investment banking products and services, including investment banking, debt trading, advisory services, foreign exchange, structured products, derivatives and lending, and investment advice and asset management services to high net worth individuals, retail clients, institutions, corporations, governments, and investors. In addition, the company provides retail banking services, cards, le...

19th Floor

Citigroup Centre

Canada Square

Canary Wharf

London,  E14 5LB

United Kingdom

4,795 Employees

Phone:

44 20 7500 5000

Fax:

44 20 7508 6797

Key Executives for Citibank International Limited

Secretary
Executive Officer
Age: 74
Compensation as of Fiscal Year 2015.

Citibank International Limited Key Developments

Citibank International Limited Reports Audited Consolidated and Company Financial Results for the Year Ended 31 December 2014

Citibank International Limited reported audited consolidated and company financial results for the year ended 31 December 2014. On consolidated basis, the company reported interest and similar income of £163 million compared to £235 million a year ago. Net interest income was £105 million compared to £146 million a year ago. Total operating income was £506 million compared to £542 million a year ago. Profit before income tax for continuing operations was £103 million compared to £61 million a year ago. Profit for the financial year from continuing operations was £84 million. Profit for the financial year was £143 million compared to loss of £52 million a year ago. Net cash flow from operating activities was £29 million compared to £956 million a year ago. Purchase of property, plant and equipment was £82 million compared to £32 million a year ago. Purchase of intangible assets was £105 million compared to £87 million a year ago. On company basis, the company reported interest and similar income of £163 million compared to £227 million a year ago. Net interest income was £105 million compared to £146 million a year ago. Total operating income was £506 million compared to £549 million a year ago. Profit before income tax for continuing operations was £101 million compared to £110 million a year ago. Profit for the financial year from continuing operations was £82 million compared to £49 million a year ago. Profit for the financial year was £141 million compared to loss of £3 million a year ago. Net cash flow from operating activities was £30 million compared to £764 million a year ago. Purchase of property, plant and equipment was £82 million compared to £32 million a year ago. Purchase of intangible assets was £105 million compared to £87 million a year ago.

Investor Sues Citibank

Citibank was sued by investor Dr. Sami Abbas Hussein Ali before the Abu Dhabi Commercial Court of First Instance (Lawsuit No. 2901/2014) on 08/12/2014. Citibank is accused of self-dealing, defrauding investors, and attempting to initiate a global cover-up of investor losses. According to the lawsuit Citibank International PLC, Citi Private Bank, and Citi Private Bank Abu Dhabi: Hid losses from investors in the CReAM (Citi Real Estate Asset Management) Fund, some of whom unknowingly lost their entire investment, for more than three years before sending a one-page letter that stated that previous quarterly reports showing value in the investment had been inaccurate as a result of a "Citi Private Bank operational error."; purchased two shopping centers in the United Kingdom at questionable values, one of which appears to have been owned by the CReAM Fund's own manager, without disclosing the "insider" nature of the transaction to investors; admittedly failed to obtain required approvals from the Central Bank of the United Arab Emirates to solicit investments from investors in that country. Under UAE law, investments marketed to investors in the country without the required approvals are null and void. Citibank marketed the CReAM Fund to investors in the GCC countries of the Middle East in 2004 as a medium risk investment projected to yield annual revenues at a rate of 4 percent. From 2004 to 2006, the CReAM Fund, which was managed by David Lockhart of the Halladale Group Plc, invested in 12 shopping centers in the United Kingdom. However, unknown to investors, Mr. Lockhart's employer, Halladale, appears to have owned one of the shopping centers, which was sold to the CReAM Fund at questionable values. All of the shopping centers eventually liquidated, costing investors millions of dollars. Mr. Lockhart, through a new entity known as New River, in 2008 purchased the assets of CReAM Fund at distressed prices. Again, none of the proceeds went to the original investors. "Citibank, Halladale Company and Mr. Lockhart achieved huge profits…at the time the Plaintiff lost all the invested money," according to the lawsuit. Dr. Sami Abbas Hussein Ali is seeking among other reliefs the return of his entire investment, plus appropriate compensation for the losses suffered by him on account of the wrongful acts of Citibank. The Lawsuit stands posted to December 21, 2014.

Citibank International plc has Changed its Name to Citibank International Limited

On October 31, 2014, Citibank International plc changed its name to Citibank International Limited.

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