The Citibank is a formidable establishment mainly due to its operations and affiliation with the Citigroup. It has ousted the competitors when it does to the credit card and visa card market. Aside from this the company has also been seeking active participation in the retail, consumer as well as corporate market for accounts. However the company has also been quick to identify the trend towards increasing activity of venture capital and investment and has therefore started to provide for it by through the means of investment banking. The company already has established infrastructure for investment banking as of 1995 “ which eventually employs 200 research, sales, trading, new issue and backoffice staff in New York, as well as investment bankers around the world.” (Lee, 1995)
Aside from this the corporation is also investing heavily in the information technology sector by implementing sophisticated data storage, processing and retrieval systems for its operations.
“Citigroup announced the creation of a global data repository that gathers, retains and reports charge card and travel data from 29 countries for commercial clients. By stepping up its role on a multinational level, the card issuer said it plans on challenging the dominance of travel and entertainment card giant American Express.” (Boehmer, 2003)
More recently the company has increased its operations in the sector for consumer banking and retail banking as well. As a result it is making drastic changes to its card based products aiming for a prepaid form of card. The competition for the credit card industry is increasing specifically in Puerto Ricoas “strategies of Citibank and Banco Popular to outmaneuver each other in attracting potential customers. Trends during May 2006 indicate continued growth for credit card transactions” (Oliver-Méndez, 2006)