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Citibank in recast mode, to be called Citigroup Pvt Bank

BS Banking Bureau

Citibank in India is revamping its brand communication strategy in line with its parent's global plan.

In the private banking business, the group will change its name to Citigroup Private Bank from Citibank Private Bank. The venture capital division of the bank will now be renamed Citigroup Venture Capital instead of Citicorp Venture Capital.

The bank has a three-member venture capital business in India. Citigroup's chairman and chief executive officer Sanford I Weill said Salomon Smith Barney /Global Relationship Bank will be rebranded Citigroup Corporate & Investment Bank globally. The change in name will officially take place in the first week quarter of 2002.

Also, for SSB/GRB clients globally the marketing material for the Global Corporate and Investment Bank will be branded Citigroup. For the private client business, Citigroup will now rename Salomon Smith Barney with Smith Barney.

The revamp is being done to develop a better brand communication strategy. In effect, the group is trying to focus itself into a unified brand - "Citigroup".

In the emerging markets the group will continue to use Citibank for the consumer and corporate bank brand. CitiCapital will be the new brand for the equipment finance business of the group. The group has also made changes in the designs of the brands so as to establish a more uniform look.

In consumer banking, Citibank and Citi will serve as primary brands. In emerging markets such as India the consumer brand will continue to be Citibank. The consumer finance business will now be under the brand CitiFinancial.

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