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Article: Citicorp asks East Germans to empty their socks. (Citibank Germany plans to unify Citicorp bank branches in East and West Germany)
- Article from:
- ABA Banking Journal
- Article date:
- July 1, 1992
- Author:
CopyrightCOPYRIGHT 1992 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Trying to unify Citicorp branches and services in East and West Germany is a daunting task, says Folkert Mindermann, corporate spokesperson for Citibank Germany, which has more than 300 branches that handle 50% of Citi's consumer business in Europe. In all of Europe, Citi has more than 800 offices in 21 countries with a staff of approximately 11,000. Total European assets from all functions total around $40 billion, and yearly revenues exceed $2.5 billion.
"Economic development in East Germany is at the same place West Germany was back in the 1950s," says Mindermann. "But it's not simply a matter of economic growth: There are many formidable questions to be ...