MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CITIBANK N.A. |
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Registered Office : |
49-50/F, Citibank Tower, Citibank Plaza, No.3 Garden Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
31-8-1984 |
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Com. Reg. No.: |
F-42 |
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Legal Form : |
Overseas Company |
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Line of Business : |
Engaged in the provision of full range of banking services. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
CITIBANK N.A.
49-50/F, CITIBANK TOWER, CITIBANK PLAZA,
NO.3 GARDEN ROAD, HONG KONG
TEL: 852 28688888
FAX: 852 25960857
EXECUTIVE SUMMARY
INCORPORATION DATE :
31-8-1984 (REGISTERED IN HK)
REGISTRATION NO. :
F-42
REGISTERED LEGAL FORM :
OVERSEAS COMPANY
CHIEF EXECUTIVE : RHODES WILLIAM R. (CHAIRMAN, PRESIDENT, CEO & DIRECTOR)
STAFF STRENGTH :
3,200 (GROUP, IN HONG KONG).
AUTHORIZED CAPITAL :
NA
PAID-UP
CAPITAL : NA
BUSINESS LINE :
PROVISION OF BANKING SERVICES
TURNOVER :
US$83,642M (GROUP, YEAR ENDED
31-12-2005)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2005)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : LARGE
AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : SOUND
GENERAL REPUTATION :
EXCELLENT
EXCHANGE RATE :
HKD 7.81400 = USD1 AS OF 2007-04-13
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
The correct address of SC is the heading one instead of the one given by
you.
SC was incorporated in USA in 1946.
SC was also registered in Hong Kong on 31-8-1984 under co file no.F-42
as an overseas company under Part XI of the Companies Ordinance of Hong Kong.
It is by law locally that an overseas company is not required to submit
certain registration information such as capital amount (both authorized and
paid-up capital) and shareholders list to Companies Registry.
SC's authorized representative(s) & directors are shown to be as
follows:
Authorized
representative(s) (as at 13-4-2007)
Fung Wai Ling Esther
Directors (as at
22-11-2007)
Bermudez Jorge Alberto / 112750039
Critenden Gary Lewis / 113290054
Bushnell David Colton / 420672901
Krawcheck Sallie L. / 113320937
Schlen Michael Edward / 421718651
Banga Ajaypal Singh / Z-1583741
Freiberg Steven Jay / 209923556
Hopkins Deborah Chase / 206693485
Kessinger Kevin Michael / 203478028
MacDonald Alan Scot / 112907063
Rhodes William R. / 111324161
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
Total number of employees : 3,200
(group, in Hong Kong).
Location: Maintaining its office
at the heading business address which occupies two whole floors at a commercial
building in a commercial district.
Condition inside the premises during our
visit : Active.
Office/factory layout : Good.
The premises is reportedly owned by SC.
Land copy is not available during current search.
SC is, in turn, an ultimate subsidiary of Citigroup Inc., a public co.
listed on NYSE with stock ticker "C", whose partial information is as
follows:
Year established : 1988
Registered/business
address : 399 Park Ave., New York, NY
10043, USA.
Business line : As a holding co. with
core interests in provision of banking services including
consumer banking & credit, corporate
& investment banking, securities brokerage
and wealth management. Major brand names
under Citigroup's trademark red
umbrella include*
No. of employees : 299,000
(full time, as at 31-12-2005)
Civil litigation & winding-up petition records : None in our
database
Turnover :
US$83,642M (year ended 31-12-2005)
* Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.
Citigroup has some 200 million customer accounts and does busienss in more than
100 countries.
Rhodes William R., chairman, president, chief executive office &
director:
- Joined SC in 1957 after graduating from Brown University, USA
- Also currently:
~ senior international officer
& senior vice chairman for Citigroup Inc.
~ chairman, president &
chief executive officer of Citicorp Holdings Inc.
~ director of Conoco Philips
~ director of the Private Export
Funding Corporation
~ first vice chairman of the
Institute of International Finance
~ chairman of the Americas
Society and Council of the Americas
~ chairman of the Hong Kong-U.S.
Business Council
~ chairman of the U.S.-Korea
Business Council
~ vice chairman of the Board of
the National Committee on U.S.-China Relations
~ director of the U.S.- Russia
Business Council
~ member of South African
President Thabo Mbeki International Advisory Board and Colombian President
Uribe Advisory Board
~ member of the Inter-American
Development Bank Private Sector Advisory Board
~ honorary chairman of the
Sister City Program of the City of New York
~ member of the International
Policy Committee of the U.S. Chamber of Commerce
~ member of the Executive
Committee at the Foreign Policy Association
~ board member of The
Africa-America Institute, The Group of Thirty, and U.S.- Egypt Presidents
Council
~ member of the Council on
Foreign Relations, The Economic Club of New York
~ founding member of the U.S.
National Advisory Council to the International Management Center in Budapest,
Hungary
~ governor and trustee of The
New York-Presbyterian Hospital
~ member of the Lincoln Center
Consolidated Corporate Fund Leadership Committee
~ vice chairman of the
Metropolitan Museum of Art Business Committee and Chairman's Committee
~ member of the Board of
Overseers of the Watson Institute for International Studies
~ chairman emeritus of the Board
of Trustees of the Northfield Mount Hermon School
- He has received decorations & honors from various governments
& institutions:
~ honorary doctorate in Humane
Letters from his alma mater Brown University
~ Chevalier and officer of
France's Legion of Honor
~ decorations from Korea,
Brazil, Argentina, Venezuela, and Jamaica, and multiple awards from
not-for-profit organizations in recognition of his contributions to
international banking & finance
Currently residing in USA & only visits Hong Kong for business
occasionally.
Credit history
check : This refers to a check of our database
whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
MacDonald Alan Scot, vice chairman & director:
- Joined SC's group in 1974
- Earned a Bachelor of Science degree from Drexel University in 1966, a
Master of Science degree from the London School of Economics in 1968 and a
doctorate in Economics at Cambridge University, UK in 1971
- Also currently:
~ chief operating officer of
global banking, corporate & investment banking of Citigroup Inc.
~ member of The Conference Board
~ member of the Economic Club of
New York
~ trustee of the American
Institute for Contemporary German Studies
~ trustee of the South Fork
(Long Island NY) Chapter of the Nature Conservancy
~ trustee, member of the
Executive Committee, and chairman of the Marketing Committee of the New York
Philharmonic Orchestra
~ trustee, member of the
Executive Committee, and co-chairman of the Research Committee of the Hospital
for Special Surgery in New York, USA
~ director of Liberty Brokerage
Company
~ director of the American
Bankers Association Securities Association
~ member of New York Partnership
Hight Tech Committee
Currently residing in USA & only visits Hong Kong for business
occasionally.
Credit history check
: This refers to a check of our database
whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Fung Wai Ling Esther, authorized representative:
- Embarked upon her career to present field as an executive trainee in
her mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat D, 23/F, Harbour Heights, Nam Fung
Court, 1-3 Fook Yum Road, North Point, HK.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 1 Obtained scores : 95 (see explanatory notes
below)
Keys : 1 : scores
81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial & operational strength
of SC's major principals. It is
calculated from a composite of scores obtained from the following 5 factors
which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation,
business experience & track record, market connection and management skill.
For the
financial statements of SC's group for the year ended 31-12-2005, please see
attached.
Banking relations are maintained principally with:
- HSBC
- Bank of China (HK) Ltd.
- Bank of America (Asia) Ltd.
This section will contain the civil litigations & winding-up
petitions filed against SC for the last 6 years (as stored in our database),
and the mortgage/charge records filed by SC for the last 2 years. In Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil litigation/winding-up petitions : ( )
see below (X) see attached sheet
Mortgage/charge record(s) : None filed within the last 2 years as per
our current search.
Overall payment appraisal :
(X) Excellent ( ) Good
( ) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment records and our debt collection record concerning SC.
Trade payment
experience : SC did not provide any name of
trade/service suppliers and we have no other
sources to conduct
the enquiry at present.
Delinquent
payment record : None in our database.
Debt
collection record : No overdue amount
owed by SC was placed to us for collection within the last 6 years.
Business categories :
SC is engaged in the provision of full range of banking services. SC currently
has 28 branches with retail banking operations (in Hong Kong Island, Kowloon,
New Territories & Macau).
Services available include the following:
- private banking
- corporate banking
- investment banking
- treasury / capital market
- credit card services
Income is received in the form of service fees.
On 1-7-2005, Citibank, N.A., Hong Kong Branch transferred its retail
banking business to Citibank (Hong Kong) Ltd. Citibank (Hong Kong) Ltd. was
incorporated in Hong Kong & is a wholly-owned subsidiary of Citigroup.
SC is
not known to have any subsidiary at present.
SC is well-known in its line with a good base to come into large amount
of credit dealings.
Citigroup Inc.'s share price movements are as follows:
- Closed on 12-4-2007: US$51.65
- Year high / low: US$57.00/US$44.22
- Price earning ratio: 11.5
Attachment (Total: 8 pages):
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- Civil litigations check of SC (the latest 10 writ records)
- 5-year summary of selected financial data of Citigroup Inc. for the
year ended 31-12-2005 & consolidated balance sheet of SC for the year ended
31-12-2005
- News on acquisition of Guangdong Development Bank
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)