Citibank Joins Integrion Financial Network.ATLANTA and NEW YORK--(BUSINESS WIRE)--Sept. 25, 1997-- Citibank, which provides financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to consumers and corporate customers around the world, today announced that it has agreed to acquire an equity position, subject to regulatory approval, in Integrion Financial Network and a seat on the company's board of managers. With this move, Citibank joins 17 other major North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. financial institutions that seek to participate in and influence the development of electronic commerce through Integrion. "The Integrion approach provides a robust technology platform for transactions in the electronic commerce arena," said Ed Horowitz, Citibank's executive vice president of Global Advanced Development. "It will allow us to integrate and build on solid marketplace technology, so we can focus on providing the value-added banking services which are core to our franchise." This announcement follows Integrion's August acquisition of Visa Interactive, a transaction that added more than 60 financial institutions to Integrion's customer base. Additionally, within the past year, Integrion has developed and tested its Interactive Financial Services Platform with selected owners. "The banking industry is clearly behind Integrion," said William M. Fenimore Jr. managing director of Integrion. "Our ownership includes ten of the fifteen largest banks in the U.S. and represents close to 75 percent of consumer households in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The addition of Citibank substantially enhances an already powerful owner group which recognizes the value of shared infrastructure and development." Fenimore continued by noting that the industry will be hearing a lot more news about Integrion during the next several months. "We currently are working closely with several high-profile organizations to create unprecedented value for the banking industry. We intend to be a leader in the electronic commerce industry on the financial institutions' behalf. Such a role requires us to be in the middle of some very interesting alliances." ABOUT CITIBANK Citibank, a global provider of financial services, serves consumer, business, governmental and institutional customers. Founded in 1812 in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the bank was a pioneer in establishing a worldwide network of offices to meet the growing international needs of corporate customers in the early part of the 20th century. Its Global Corporate Banking today serves major international corporations and local growth companies in emerging markets. Its Global Consumer business has been a leader in applying advanced technology to bring individuals in 56 countries credit, payment and investment services through branches, electronic access, and charge and credit cards. More than 90,000 employees are located in offices in 98 countries and territories. Citibank can be reached on the web at http://www.citibank.com . ABOUT INTEGRION FINANCIAL NETWORK Integrion Financial Network provides interactive banking and electronic commerce solutions to financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank's host system and/or processor. Integrion's operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank's full range of services, effective branding by the bank and maximum customer benefit. The owners of Integrion are ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) North America, Bank One, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Barnett Bank Barnett Bank, founded in 1877, eventually became the largest commercial bank in Florida. It was purchased by NationsBank in 1997, but even before signs on Barnett's branches were changed, NationsBank merged with BankAmerica Corp., creating Bank of America. , Citibank, Comerica, First Chicago NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development , First Union National Bank, Fleet Financial, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Key Corp, Mellon Bank, Michigan National Bank Michigan National Bank was established on 31 December 1940 when Howard J Stoddard consolidatied six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, Battle Creek's Security National , NationsBank, Norwest, PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , US Bancorp, Visa U.S.A and Washington Mutual Inc. Additional information about Integrion can be found on the Internet at www.integrion.net . CONTACT: Integrion Financial Network by Al Paul Lefton Co. Grant Evans, 215/351-4210 grantevans@lefton.com or Citibank Nina Das, 212/559-5844 nina.das@citicorp.com |
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