When Citicorp brought its Citibank unit to Germany

When Citicorp brought its Citibank unit to Germany, it helped transform an already changing German consumer banking system. Citicorp introduced American-style telephone banking, cash dispensers and other high-technology innovations that initially caught German bankers by surprise, but which resulted in the company garnering a reputation for friendliness and customer services which, in turn, resulted in a 12 percent increase in the number of customer accounts held at Citibank from 1991 to 1993.

Citibank also sought to expand its credit card business in Germany, where MasterCard is the card of choice. Citibank aggressively marketed its Visa card and linked it with the Bahncard, a popular credit card which gives its holders discounts on the German railway.

But Citibank was not the only reason that the face of German banking is changing. A former New York management consultant convinced his superiors at a Bavarian bank to start a brokerage unit at the bank. While German banks were initially skeptical of the move, the result was that the bank successfully lured more than 10,000 customers through its doors, many of these new to the bank in ques

Related Essays

American Telephone and Telegraph .... of credit cards in the country (behind Citicorp). .... a strong reputation for customer across .... product lines. .... directly to Allen, who has brought in executives .... (1460 6 )

Consequences of Deregulation of Banks .... .... passage would ratify what has already transpired .... Deregulation has, therefore, been brought about by technological .... of large banks such as Citicorp 12 were .... (3919 16 )

Deregulation of Banks .... .... passage would ratify what has already transpired .... Deregulation has, therefore, been brought about by technological .... of large banks such as Citicorp 12 were .... (4014 16 )

M&A in the Banking Industry .... the BHCs, lobbied heavily for .... passage and were .... but have left companies such as Citicorp facing other .... As technology brought increased competition from abroad .... (2985 12 )

Philip Morris Companies, Inc. .... company (Fomento Economico Mexicano) from Citicorp, both in .... under which most suits are brought) that there .... Morris faces close competition in .... tobacco market .... (3968 16 )

Category: Business - W