Citibank Assigns Global Advertising To Young & Rubicam Inc.

NEW YORK--(BUSINESS WIRE)--Aug. 7, 1997--In a key strategic move to solidify the strongest global brand name in financial services, Citibank today announced that it is consolidating its worldwide advertising and direct marketing with Young & Rubicam Inc.

The move follows a year-long identification and review of all the communications tasks which will build on and strengthen the Citibank brand worldwide. The consolidation extends across Citibank, including the Global Consumer business and the Corporate Bank.

On the significance of building a global brand, Chairman John S. Reed said, "We see the 'Citibank' brand name itself becoming more important. Everything we do will be with the intent of building a branded identity that promises a unique experience -- and delivering on the promise."

"A strong global brand is vitally important to our growth strategy," said William I. Campbell, Executive Vice President of Citibank's Global Consumer business. "Today's decision is based clearly on our goal of being the global bank, with one global brand, speaking with one global voice."

Citibank management made building a distinctive brand within financial services a priority three years ago and has been laying the necessary groundwork since. A standard Citibank offering is in place in 56 countries and new services and new countries continue to be added. The bank has increased service and quality training for every employee to ensure the ability to deliver a superior customer experience.

Earlier this year the bank formed a Global Consumer Marketing unit, under Brian Ruder, to build a single, integrated marketing framework across all geographies and all businesses -- cards, retail banking, investment products and private banking. Within this unit Ruder also oversees advertising and brand awareness.

"The next logical step is to create a single voice in our advertising and direct marketing that will deliver a consistent message to consumers wherever they are," Campbell continued. "We are impressed with Young & Rubicam's global mindset and its global network of offices to match our needs. Equally important, it also has the talent and resources to grow with us as we expand into new markets."

The bank has been moving towards more common themes in its consumer advertising over the last several years. "To achieve our goal of reaching one billion customers by the year 2010," Campbell noted, "we must build the power of our brands more quickly. A single agency with a global mandate will harness the resources we are expending today and focus them more aggressively on the stated target."

Young & Rubicam Inc. Chairman and Chief Executive Peter A. Georgescu said, "We are very proud that a company as visionary as Citibank has confidence in our ability to be its global partner. This is the kind of strategic step for which Citibank is known and which has kept Citibank the unquestioned leader in financial services worldwide."

At the core of Citibank's consumer strategy is a commitment to be the global brand of choice for financial services with leading banking, credit, payment and investment services working seamlessly together to help the bank's customers achieve their financial objectives.

CONTACT: Citibank

Susan Weeks, 212/559-0580 (media)

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or

Sheri Ptashek, 212/559-4658 (investors)

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or

Young & Rubicam Inc.

Philippe Krakowsky, 212/210-3165

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