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Citibank Canada

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Citi Canada
Subsidiary
Industryfinancial services
FoundedToronto, Ontario, 1919[citation needed]
HeadquartersToronto (main), Montreal, Calgary, Mississauga, London, and Vancouver
Total assetsCAD
Number of employees
(Full-time equivalent, 2012) 3,400
WebsiteCitibank Canada

Citi Canada is the Canadian subsidiary of the multinational financial services group known as Citigroup. Citi Canada is headquartered in Toronto, with offices in Calgary, London, Ontario, Montreal, Mississauga, Ontario, and Vancouver.

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.[1] 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.[2]

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[3] of the CDIC, a federal Crown corporation that insures deposits to applicable limits and across deposit categories.[4]

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.[5] Both in the years preceding and subsequent to the sale transaction, CitiFinancial Canada, which was renamed Fairstone Financial, Inc. post-close, had 200 branches in Canada.[5]

External links[edit]

References[edit]

  1. "Citi Canada". Retrieved 27 August 2019.
  2. "CIBC to acquire $2.1 billion Canadian MasterCard portfolio from Citigroup". Canada Newswire. CISION. 14 June 2010. Retrieved 27 August 2019.
  3. "List of Member Institutions". Canada Deposit Insurance Corporation. Retrieved 27 August 2019.
  4. "How deposit insurance works". Canada Deposit Insurance Corporation. Retrieved 27 August 2019.
  5. 5.0 5.1 "Introducing Fairstone Financial Inc., formerly CitiFinancial Canada, providing responsible lending solutions to Canadians". Fairstone. Fairstone Financial, Inc. 3 April 2017. Retrieved 27 August 2019.



This article "Citibank Canada" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Citibank Canada. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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