56-513: The Metro Rail Transit Corporation (MRTC), is a private consortium organized in June 1995. The consortium is composed of seven (7) Filipino-owned companies: Fil-Estate Management Inc (now Metro Global Holdings Corporation), Ayala Land Inc, Ramcar Inc, Greenfield Development Corporation of Unilab , Anglo-Philippine Holdings Corporation, National Book Store Group , Allante Realty and Development Inc, and DBH Inc. The Metro Rail Transit Corporation owns
112-628: A bank teller . John S. Reed was selected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the U.S., the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries. As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company
168-455: A cooperation agreement with Fil-Estate Corporation to pursue the expansion programs for the MRT3. However, it did not materialize as DOTC's cooperation could not be secured then. In Oct 2012, MRT3 was carrying up to 600,000 passengers a day when DOTC cancelled the maintenance contract with Sumitomo / TESP and appointed local unqualified groups to handle the maintenance for the MRT3. As a result,
224-480: A cramped broken train". A fare hike was also pushed in 2015 almost doubling the fare cost for commuters with the intention of collecting additional revenues to fund the improvement of its services. The line's issues were resolved through a comprehensive rehabilitation project which returned Sumitomo Corporation as the maintenance provider of the line since 2019. The rehabilitation of the entire system including replacement of all rails has been completed. A breakdown of
280-574: A further $ 20 billion was invested in the company along with guarantees for risky assets of $ 306 billion. The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover losses from those investments. Eventually, the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid
336-528: A minority stake in Malaysian property developer MCT Bhd. in a ₱ 1.9-billion ( US$ 43-million ) deal. Ayala Land's hospitality arm Ayala Land Hotels and Resorts which operates Raffles Makati and Seda Hotels as well as El Nido Resorts in the Philippines, has been facing negative publicity for using of battery-cage eggs in its supply chain. Due to the cruel conditions on those farms, as well as
392-469: Is home to the majority of Citibank's US branches, with 292 branches located in the state.' Citi announced it may return its retail banking presence to Dallas in 2022. Citibank will take more than 9,000 square feet of space in the Berkshire Court building at Preston and Northwest Highway. Construction is scheduled to start on the new office early next year, according to planning documents filed with
448-463: Is no current maximum interest rate or usury restriction under South Dakota law when a written agreement is formed. In 2005, Federated Department Stores, now Macy's, Inc. , sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB). As of 2013, Citibank employed 2,900 people in Sioux Falls , South Dakota, and contributed to
504-579: Is responsible for this stock crash ." On December 24, 1927, its headquarters in Buenos Aires , Argentina, were blown up by the Italian anarchist Severino Di Giovanni , in the frame of the international campaign supporting Sacco and Vanzetti . In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $ 5.6 billion in Treasury securities for War and Victory Loan drives for
560-706: The Department of Transportation ) in 1989. A letter of intent was submitted by Eli Levin of Eli Levin Enterprises, Inc. to the DOTC in 1990, under a build-operate-transfer scheme. Eli Levin incorporated EDSA LRT Corporation Ltd. (ELCL), a Hong Kong –based consortium consisting of ten foreign companies. The bidding for the EDSA LRT III project started in February 1991. Out of five companies that participated in
616-595: The Federal Reserve Act allowed it, National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires , Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta , and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside
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#1732791642509672-573: The LRT Line 1 . Phase 2, however, was shelved by the Arroyo administration in favor of the 5.7-kilometer (3.5 mi) LRT Line 1 north extension . In June 1995, a newly formed consortium of reputable Philippine companies purchased an 85% stake in ELCL through EDSA LRT Holdings, Inc. (ELHI), a Philippine-registered company. ELHI also formed and owned MRT Development Corporation (MRT DEVCO), which acquired
728-720: The Manila Metro Rail Transit System Line 3 running along the EDSA corridor. MRTC was the original contractor for the EDSA MRT-3 Project. It runs the MRT-3 in coordination with the Department of Transportation under a 25-year Build-Lease-Transfer contract or BLT Agreement, which will end in 2025. The MRT Line 3 project, originally known as the EDSA LRT III project, was planned by the then-Department of Transportation and Communications (later
784-635: The Mechanics and Metals National , the Irving National , and National City Bank. Charles E. Mitchell , also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of
840-644: The Philippines (1899). In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States. The bank became the largest bank in New York City following the Panic of 1893 . Two years later, in 1895, it had become the largest bank in the U.S. In 1904,
896-623: The United States occupation of Haiti , which began in 1915. During the occupation, Citibank imposed a US$ 30 million loan on the Haitian government, which was described by communist George Padmore as transforming Haiti into an "American slave colony". Citibank would go on to acquire some of its largest gains in the 1920s due to debt payments from Haiti, according to later filings to the Senate Finance Committee . When
952-445: The "Everything Card"—in 1967. In 1967, Walter B. Wriston became chairman and chief executive officer of the bank. In the 1960s, the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels . Three years later, under pressure from the U.S. government, the bank sold this division. By 1968, the company created its own credit card. The card, known as " The Everything Card ",
1008-448: The 1970s, Citibank was one of the first U.S. banks to introduce automatic teller machines (ATMs), which gave customers 24-hour access to cash. In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank , which was one-third owned by Ronald O. Perelman , for $ 5.8 billion. In 1999, Citibank was sued for improperly charging late fees on its credit cards. In August 2004, Citigroup entered
1064-600: The Philippine Islands , Far East Bank , ING Bank , Metrobank and the Philippine Government under a Sovereign credit basis whose blended all-in financing cost amounted to only 4.72% p.a. over the entire life of the loan facilities. On October 17, 1997, MRTC obtained financial closure of the loans for the project. On December 10, 1997, a maintenance agreement was signed between MRTC, Sumitomo Corporation , and Mitsubishi Heavy Industries . Under
1120-551: The Texas market with the purchase of First American Bank of Bryan, Texas . The deal established the firm's retail banking presence in Texas, giving Citibank over 100 branches, $ 3.5 billion in assets and approximately 120,000 customers in the state. In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons. In 2006,
1176-539: The U.S. government. In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D. ) branch. In 1960, his second cousin, David Rockefeller , became president of Chase Manhattan Bank , National City's long-time New York rival for dominance in
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#17327916425091232-646: The U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico . By 1919, the bank had become the first U.S. bank to have $ 1 billion in assets. As of March 9, 1921, there were four national banks in New York City operating branch offices: Chatham and Phenix National ,
1288-467: The agreement, the maintenance provider will provide maintenance and repair services for a period of ten years for the MRT Line 3. On December 15, 1999, the section of the MRT Line 3 from North Avenue to Buendia was inaugurated, with the line being fully operational on July 20, 2000. MRTC was obligated to lease the system to DOTC, who would operate the system, with MRTC providing the maintenance. DOTC
1344-615: The bank had been nicknamed "Citibank" since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address. "Citicorp" became the holding company's formal name in 1974, and in 1976, First National City Bank was renamed Citibank, N.A. The name change also helped to avoid confusion in Ohio with Cleveland -based National City Corp. , though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at
1400-528: The bank helped finance the Panama Canal . Two years later, in 1906, 11% of the U.S. federal government 's bank balances were held by National City. National City at this time was the banker of Standard Oil , and the Chicago banking factions accused U.S. Secretary of the Treasury L. M. Shaw of having too close of a relationship with National City and other Wall Street operators. In 1907, Stillman, then
1456-622: The bank set aside $ 3 billion in reserves for loan losses in Brazil and other developing countries . In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer. Also in the 1980s, the bank launched the Citicard, which allowed customers to perform all transactions without a passbook . Branches also had terminals with simple one-line displays that allowed customers to get basic account information without
1512-481: The bank's chairman, intervened, along with J. P. Morgan and George Fisher Baker , in the Panic of 1907 . Between 1910 and 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti , which was the sole commercial bank of Haiti and served as the Haitian government's treasury. Citibank then lobbied for
1568-571: The banking industry in the United States. Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at Harvard Business School in 1957, arranged the financing of the 1958 Hollywood film, South Pacific , and had its branches in Cuba nationalized in 1959 by
1624-422: The company announced a naming rights sponsorship deal for the new stadium of New York Mets , Citi Field , which opened in 2009. The deal reportedly required payments by Citi of $ 20 million per year for 20 years. As of September 2020, Citibank's US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago. California
1680-485: The company's German division, was sold to Crédit Mutuel . On February 22, 2010, it was renamed to Targobank . In August 2008, after a three-year investigation by the California Attorney General , Citibank was ordered to repay the $ 14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $ 4 million in interest and penalties. The money
1736-554: The company. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire. Later presidents of the bank included Gorham A. Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Percy Rivington Pyne I , and James Stillman (1891–1909). In 1831, City Bank was the site of one of America's first bank heists when two burglars, James Honeyman and William J. Murray, made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons ,
Metro Rail Transit Corporation - Misplaced Pages Continue
1792-426: The condition of the MRT Line 3 (MRT-3) deteriorated and received a barrage of complaints from loyal passengers due to severe lack of support and maintenance from its administrators. Technical problems became more and more frequent due to neglect and poor maintenance by contractors appointed by the then- Department of Transportation and Communications . A senator quoted, "People have to wait for one hour just to get inside
1848-455: The development and commercial rights to develop the 16-hectare depot site and the 13 stations. MRTC was formed for the purpose of designing, constructing, testing, commissioning, and maintaining the MRT Line 3. In 1995, ELCL's name was changed to Metro Rail Transit Corporation Ltd. ("Metro Rail"), and ELHI was correspondingly renamed MRT Holdings, Inc in 1999. Construction of the MRT Line 3 project began on October 15, 1996, with Sumitomo Corp as
1904-688: The equivalent of $ 52 million in 2013 currency. The bank financed war bonds for the War of 1812 , serving as a founding member of the financial clearinghouse in New York (1853), underwriting the Union during the American Civil War with $ 50 million in war bonds, opening the first foreign exchange department of any bank (1897), and receiving a $ 5 million deposit to be given to Spain for the US acquisition of
1960-407: The fourth quarter of 2007, after an $ 18.1 billion write down. In March 2008, Citibank set up Mobile Money Ventures, a joint venture with SK Telecom , to develop mobile apps for banking. It sold the venture to Intuit in June 2011. In May 2008, the company closed an $ 87.5 million leaseback transaction for branches in New York City. In July 2008, Citibank Privatkunden AG & Co. KGaA ,
2016-518: The health risks associated with eggs produced in battery cages, the European Union Council Directive 1999/74/EC banned caged farms back in 2012. Ayala Land posts strong Q1 2017 profit, up 18% at 5.56B Citibank Citibank, N.A. ("N. A." stands for " National Association "; stylized as citi bank) is the primary U.S. banking subsidiary of Citigroup , a financial services multinational corporation. Citibank
2072-994: The key funders and tranche funding components of the MRT-3 Phase-1 Project were as follows: [REDACTED] Ayala Land Ayala Land, Inc. ( ALI ) is a full line real estate firm based in the Philippines . It is a subsidiary of Ayala Corporation . It began as a division of Ayala Corporation until it was spun off and incorporated in 1988. It became publicly listed in the Philippine Stock Exchange (PSE: ALI) in July 1991. Its core businesses are in strategic landbank management, residential development , retail shopping centers, corporate businesses, and hotels & resorts. Support businesses are in construction and property management . ALI also derives other income from its investment activities and sale of non-core assets. Last April 2015, ALI bought
2128-480: The leading builder of trams and light rail vehicles for the Eastern Bloc, on rolling stock. MRTC also retained the services of ICF Kaiser Engineers and Constructors (now Earthtech) to provide program management and technical oversight of the services for the design, construction management, and commissioning. From September 1995 to March 2002, MRTC oversaw the construction, financing and operational management of
2184-455: The loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government. On January 16, 2009, Citigroup announced that it was separating Citi Holdings Inc. , its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business. On October 19, 2011, Citigroup,
2240-422: The main contractor and Mitsubishi Heavy Industries as the civil works sub-contractor. A revised build-lease-transfer agreement was signed on August 7, 1997. An amended turnkey agreement was later signed on September 16, 1997, with a consortium of companies (including Mitsubishi Heavy Industries and Sumitomo Corporation ). A separate agreement was signed with ČKD Dopravní Systémy (ČKD Tatra, now part of Siemens AG),
2296-464: The new socialist government, and has its first African-American director in 1969, Franklin A. Thomas . The company organically entered the leasing and credit card sectors, and its introduction of US dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard , the bank introduced its First National City Charge Service credit card—popularly known as
Metro Rail Transit Corporation - Misplaced Pages Continue
2352-506: The parent of Citibank, agreed to a $ 285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients. In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America. In September 2014, it exited the Texas market with the sale of 41 branches to BB&T . In September 2015,
2408-667: The parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce. On November 4, 2007, Charles Prince resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending . Former United States Secretary of the Treasury Robert Rubin took over as chairman, subsequently hiring Vikram Pandit as chief executive. On November 5, 2007, several days after Merrill Lynch announced that it too had been losing billions from
2464-701: The pre-bidding round, ELCL was the only company that met the requirements. On July 16, 1991, ELCL submitted a proposal for the EDSA LRT III project. The DOTC and ELCL signed a build-lease-transfer agreement on November 7. A revised and restated BLT agreement was signed on September 22, 1992. Under the agreement, the EDSA LRT III project will be covered in two phases: Phase 1 spans 16 kilometers (9.9 mi) from North Avenue in Quezon City until Taft Avenue in Pasay , while Phase 2 spans 5.5 kilometers (3.4 mi) from North Avenue to Monumento , eventually meeting up with
2520-539: The prime causes of the stock market crash of 1929, which led ultimately to the Great Depression . In 1933, the Pecora Commission , a United States Senate committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation. U.S. Senator Carter Glass said of him, "Mitchell, more than any 50 men,
2576-465: The project. JP Morgan and the management team of MRTC negotiated with the support of a team of technical experts and other advisors in arranging project financing totaling US$ 675.5-million from the Japan Bank for International Cooperation (formerly Japan Export-Import Bank or JEXIM), Investiční a poštovní banka , a consortium of Foreign Currency Deposit Unit (FCDU) banks led by Citibank , Bank of
2632-509: The state holding more bank assets than any other state. In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One. On April 1, 2016, Citigroup became the exclusive issuer of Costco 's branded credit cards. The bank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: American Airlines , Best Buy , ConocoPhillips , Costco , ExxonMobil , The Home Depot , Sears , Shell Oil , and Staples Inc. In
2688-578: The state. The new Citibank office is described as an "experience center" in the planning documents. The plans identify the operation as "retail bank/office space". Citibank doesn't have a major retail banking presence in the Dallas area. A spokesman in the bank's New York office would not give details about what is planned in the North Dallas location. "We'll decline to comment on this," said Citibank's Drew Benson in an email. On April 11, 2007, Citigroup,
2744-413: The subprime mortgage crisis in the United States, Citi reported that it will lose between $ 8 billion and $ 11 billion in the fourth quarter of 2007, in addition to the $ 6.5 billion it lost in the third quarter of 2007. Effective November 30, 2007, Citibank sold its 17 Puerto Rico branches, along with $ 1.0 billion in deposits, to Banco Popular . In January 2008, Citigroup reported a $ 10 billion loss in
2800-409: The time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis . In 1987,
2856-423: Was founded in 1812 as City Bank of New York , and later became First National City Bank of New York . The bank has branches in 19 countries. The U.S. branches are concentrated in six metropolitan areas, New York City , Chicago , Los Angeles , San Francisco , Washington, D.C. , and Miami . As of 2023, Citibank is the fourth-largest bank in the United States in terms of assets. The City Bank of New York
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#17327916425092912-523: Was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood . After Osgood's death in August 1813, William Few became President of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). After the Panic of 1837 , Moses Taylor acquired control of
2968-675: Was promoted as a kind of East Coast version of the BankAmericard . By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard ). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card . In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. However,
3024-431: Was purchased in 1981. In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. There
3080-420: Was required to make payments of rental fees to MRTC, and these were broken down into several different portions. One significant part was intended to repay the loans taken out to finance the project, in which the loans were fully repaid in 2010. Plans to buy out the MRT-3 from MRTC to the government were initiated, but this was not pursued. On November 15, 2010, Metro Pacific Investments Corporation entered into
3136-470: Was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers. As a result of the 2007–2008 financial crisis and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury . On November 23, 2008, in addition to an initial investment of $ 25 billion,
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