Citibank NZ Doubles Net Income to NZ$ 22.9 Million

For Immediate Release
27 March, 2001.

Citibank New Zealand Doubles Net Income to NZ$ 22.9 Million

Citibank New Zealand has announced a record after-tax profit of NZ$ 22.9 million for the year ended December 31 2000.

This result is up 103% on the previous year's NZ$ 11.3 million profit. Asset growth was 23% from NZ$ 1,750 million to NZ$ 2,152 million.

"This is the second year in a row that Citibank New Zealand has doubled its net income," said Ivo Distelbrink, Chief Executive for Citibank New Zealand.

"This excellent result reflects our increased focus on new customer acquisition and relationship management, our complete product range and an unparalleled global network. It confirms our total commitment to the New Zealand marketplace. New Zealand continues to be an important, attractive and promising market for Citibank".

Further underpinning Citibank’s service strength in New Zealand is the international research firm, Greenwich and Associates' report for 2000 rating Citibank New Zealand’s relationship managers first among peers in level of ideas and initiatives and first in knowledge of clients' international needs and advice on the use of structured finance products and derivatives

"The Key to Citibank's success in customer service is the quality of our people and our focus on relationship management,” says Mr Distelbrink. “Each one of our customers is assigned a relationship manager who ensures that the most suitable products and services are offered and deployed for the customer's benefit. The relationship manager identifies trends and opportunities of value to the client while helping CEOs and CFOs manage their risks and pinpoint potential trouble spots, or new opportunity.”

Citibank was established in New Zealand in 1979 and is today one of the largest foreign banks providing a diversified range of services including corporate banking, capital markets, transaction banking, foreign exchange and derivatives, treasury services, custody and fund management services to the New Zealand market. Citibank's premier corporate banking position complements Salomon Smith Barney's outstanding capabilities in equities, securities research, fixed income and advisory M&A work in New Zealand.

Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup’s trademark umbrella are Citibank, Citifinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com.

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