Citigroup Forms Consumer Products Unit For Emerging Markets; Appoints Edward T. Walsh as EVP.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 29, 2002

Citigroup announced today the formation of a new Consumer Products unit in its Emerging Markets business and said it has appointed Edward T. Walsh as Citibank Executive Vice President to lead the unit.

Mr. Walsh has been Chief Financial Officer for the Emerging Markets and recently led the successful integration in Mexico of Citibank and Banamex.

Victor J. Menezes, Chairman and CEO of Citibank, N.A. and head of Citigroup's Emerging Markets business, said the new unit would accelerate the expansion of non-banking consumer financial services into the emerging markets. It will initially focus on consumer finance and pension fund activities. Citibank has consumer-banking operations in 36 of its 80 emerging market countries.

"Consumer finance is a key strategic initiative for the growth of our business in the Emerging Markets," Mr. Menezes said. "Many consumers just entering the middle class are not yet at the point of needing full banking services, but they do need loans to purchase key household items. Citigroup is in a unique position to provide both banking and consumer finance services."

Citigroup expects the pace of growth for the pension fund business to increase as countries' populations age and the private sector assumes a more active role in providing retirement services to individuals.

In the Emerging Markets Citigroup today has consumer finance businesses in 8 countries with assets of $2.5 billion. Its pension fund business is in 11 countries with $21 billion in assets under management.

"Most of Ed's career has focused on Citibank's international businesses both corporate and consumer," said Mr. Menezes. "His knowledge of our markets will be invaluable in developing the businesses we have today and identifying new opportunities in many of our markets."

Prior to this new appointment, Mr. Walsh was Chief Financial Officer for Citigroup's Emerging Markets business with additional responsibility for all merger and acquisitions activity in those markets, including the acquisitions of Bank Handlowy, SA in Poland and Grupo Banacci in Mexico. In addition Mr. Walsh recently managed the integration of Grupo Banacci into Citigroup. He directed 25 teams comprised of more than 1000 people from Citibank and Banamex in New York and Mexico and completed the integration in record time of five months.

Following the merger of Citicorp and Travelers Mr. Walsh was Chief Operating Officer for Citigroup's Business Services where he directed the worldwide integration of all Middle Office support functions horizontally across all countries and businesses onto a single common platform.

He joined Citibank in 1985 as Chief Financial Officer for the private label card business in the U.S. and subsequently was named Chief Financial Officer for Citibank European consumer business. His successful restructuring of that business led to being named Chief Financial Officer for the U.S. and European consumer business, at the time the largest operating group in Citibank's consumers sector. Mr. Walsh was next appointed Managing Director for Corporate Business Planning where he led a worldwide business planning process that created a common platform for analyses and review for all business sectors.

Mr. Walsh is a member of Citigroup's Emerging Markets Executive Planning Group. He also is a member of the Board of Directors of Banamex, Bank Handlowy, S.A. and CitiMortgage, Inc.

Citigroup's Emerging Markets business serves consumers and corporations in 80 countries. In 2001 it generated $13.5 billion in revenues and $3.2 billion in net income.

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides 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, Salomon Smith Barney, Banamex, and Travelers. Additional information may be found at www.citigroup.com.