Press Release

Citigroup INC (NYSE symbol: C)

November 4, 2004

CitiBusiness: Kc 15,000 Can be Saved By Timely Account Opening

Small and mid-sized companies opening their CitiBusiness account with Citibank before January 31, 2005 can save up to Kc15,000. Citibank will waive fees charged for selected package of services up to this amount.

A similarly attractive special offer is also open for business loans. If the loan is applied for before January 31, 2005, no approval fee will be charged by the Bank, and additionally the Bank will offer the account service package free of charge for 1 year.

Banking for SMEs, or CitiBusiness, is a key part of Citibank’s development strategy in the Czech Republic. The Bank had launched the special division for SME banking, CitiBusiness, in 1998, and has continued to invest in growing this line of business.

“We are committed to the development of the SME sector in Czech Republic. This year we increased our SME lending by over 50%. Next year we plan to increase our SME loans by 55%“ said Ladislav Kročák, CitiBusiness Sales Director. “In line with the growth in loans, our deposits and transactions business has also shown healthy growth. Deposits grew 36% this year, and a further 44% growth is planned for next year,“ he added.

Citibank plans to strengthen this segment also through the opening of two new branches that will focus on SME companies. The first such branch is planned to be opened in spring next year in Liberec, to be followed by the second branch in Olomouc in autumn.

Citibank offers a comprehensive range of products and services for SME segment. “Our services in the area of cross-border payments are particularly attractive for our customers, owing to the large international network of Citibank. All incoming cross-border payments received at Citibank are free of charge“, Mr. Kročák highlighted.

The CitiBusiness range of products also includes a loyalty overdraft line of up to 500.000 kc. This overdraft is offered to companies after 6 months of banking with Citibank, based on the cash flows in the account, without the need of any further financial analysis. This novel approach has changed the traditional way of providing loans, as in this case the bank prepares all the documentation, and the client ‘approves’ the loan.

Also unique in the market is the CitiBusiness Working Capital Loan which is extended without any collateral, up to the amount of Kc1.35 million. What distinguishes this loan is its simplified documentation requirements and a very fast approval process which does not exceed 48 hours. Banking consultant obviously actively help customer to prepare documentation for the Bank, and choose the right financing solution.

“No commitment fee is charged by us for these loans, which is also truly unique on the Czech market. The customer pays only for the amount actually borrowed,” says Mr. Kročák.

For more information please contact:

Markéta Dvořáčková Andrea Machálková

Public Affairs Officer Communications Executive

Tel: 233 031 041 Citibank a.s.

Mobil: +724356358 Tel.: 233 062 781,

e-mail: e-mail:

Poznámka pro editory

Citibank a.s. has been present in the Czech republic since 1991. The Bank has rapidly gained its position of the market leader in corporate banking and, Citibank’s offering of products and services has been gradually enhanced to include also small and medium-sized companies. Citibank a.s. entered the retail banking business in January of 2001 and, a number of products and services are offered to Citibank clients ever since, such as personal accounts, credit cards, personal loans, investing into mutual funds as well as CitiGold, the private banking services. For additional information about Citibank a.s. please refer to the following web site: www.citibank.cz.

Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions 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 red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com.