Citicorp announces appointments to its Business Directions structure.

NEW YORK--(BUSINESS WIRE)--Jan. 12, 1996--Citicorp announced today a series of organizational changes. The following positions will report to John S. Reed, Chairman:

o Paul Collins and Dennis Martin will be jointly responsible for the Emerging Markets business, with Mr. Collins responsible for strategy and Mr. Martin reporting to him for day-to-day operations. Mr. Martin succeeds David E. Gibson, who retires at the end of March.

o William Campbell will head retail-branch Citibanking activities worldwide. He retired recently as Chairman of Philip Morris U.S.A. after a 28-year career that included responsibilities in Asia and Canada, and has been a Citibank consultant.

o Roberta Arena will continue to head Cards in Europe and North America.

o Shaukat Aziz will become Corporate Planning Officer, working initially with Ms. Arena on plans to further globalize the Card business.

Mr. Reed also announced that Rana Talwar will be responsible for Citibanking in Europe/North America, succeeding Victor Menezes, who was recently named Chief Financial Officer.

Mr. Reed commented that "these assignments are part of our Business Directions strategy and continue providing additional experience for the next generation of Citicorp's leadership."

He indicated that Pei-yuan Chia, Vice Chairman, would be retiring during the year and said he has agreed to stay on to assist in the transition of the new management in assuming their responsibilities. Mr. Chia stated: "John and I have discussed for some time that when the transition to our next generation of management began, it would be right for me to move on to other opportunities. I feel very good about everything that's been accomplished and it is the right time for the change."

Mr. Reed commented: "Pei has been with Citicorp for 22 years and has been central to the company's development of its consumer business. He and others recently celebrated the 20th anniversary of this effort in a year in which the business made record earnings. His retirement is a milestone, and his efforts and contributions are much appreciated."

Mr. Reed noted that "Citicorp's most senior and experienced executives, Paul Collins, William R. Rhodes and H. Onno Ruding, who serve as Vice Chairmen and as members of the Board of Directors, will continue to provide a senior policy overview." In particular, he said: "Bill Rhodes will continue with risk and international activities and add customer responsibilities in support of the Emerging Markets business, and Onno Ruding will continue his customer, credit and other responsibilities in support of our corporate bank business."

Note to editors: Biographical information on the executives is available upon request to John M. Morris (212-559-4285; fax: [phone]; E-mail: [e-mail]).

CONTACT: John M. Morris, 212/559-4285