Jake Miller
Citibank and Citizens Bank are two different financial institutions. Citibank is a subsidiary of Citigroup, a financial conglomerate formed in 1998 through the merger of Citicorp and the Travelers Group. It is one of the largest banks in the world, with a presence in over 90 countries and total assets of around $1.698 trillion as of early 2025. On the other hand, Citizens Bank is one of the oldest and largest financial institutions in the United States, with over $218.3 billion in assets as of June 30, 2025. Citizens Bank is a brand name of Citizens Bank, N.A., and is headquartered in Providence, Rhode Island.
| Characteristics | Values |
|---|---|
| Founding Date | Citibank: 1860s; Citizens Bank: 1871 |
| Founding Place | Citibank: New York; Citizens Bank: Rhode Island |
| Current Headquarters | Citibank: Unknown; Citizens Bank: Providence, Rhode Island |
| Parent Company | Citibank: Citigroup; Citizens Bank: Citizens Financial Group, Inc. |
| Services | Citibank: Banking services, credit cards; Citizens Bank: Personal and business banking, student loans, home equity products, credit cards, online banking, mobile banking |
| Number of ATMs | Citibank: Unknown; Citizens Bank: 3,300 |
| Number of Branches | Citibank: Over 90 countries; Citizens Bank: 1,200 branches across 13 states |
| Assets | Citibank: $1.698 trillion; Citizens Bank: $218.3 billion as of June 30, 2025 |
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What You'll Learn
Citibank's history and acquisitions
Citibank, N.A. (where "N.A." stands for "National Association") is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. Citibank was founded in 1812 as the City Bank of New York and later became the First National City Bank of New York.
Citibank financed war bonds for the War of 1812 and served as a founding member of the financial clearinghouse in New York in 1853. It underwrote the Union during the American Civil War with $50 million in war bonds and opened the first foreign exchange department of any bank in 1897. 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 country and, following the Panic of 1893, it became the largest bank in New York City.
In 1904, Citibank helped finance the Panama Canal. Two years later, 11% of the U.S. federal government's bank balances were held by the bank. During World War II, women accounted for 43% of the bank's workforce of almost 10,000 by the end of 1942, up from 23% at the end of 1940.
In 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, the sole commercial bank of Haiti and the Haitian government's treasury. Citibank then lobbied for the United States occupation of Haiti, which began in 1915. During the occupation, Citibank imposed a $30 million loan on the Haitian government, which was described by communist George Padmore as transforming Haiti into an "American slave colony".
In 1965, First National City Bank bought Carte Blanche from Hilton Hotels, only to sell it two years later under pressure from the U.S. government. In 1967, the bank created its own credit card, known as "The Everything Card", which was promoted as an East Coast version of the BankAmericard. In 1968, First National City Bank decided that the card was too costly to promote as an independent brand and joined Master Charge (now MasterCard).
In 1967, First National City Bank was reorganised as a one-bank holding company, First National City Corporation, or "Citicorp". In 1974, under the leadership of CEO Walter B. Wriston, First National City Corporation changed its formal name to "Citicorp", with First National City Bank being formally renamed Citibank in 1976.
In 1984, John S. Reed was selected as CEO of Citi. Under his leadership, Citibank became the largest bank in the U.S., the largest issuer of credit cards and charge cards in the world, and expanded its global reach to over 90 countries.
Citigroup was formed in 1998 following the merger of Citicorp, the bank holding company for Citibank, and Travelers to create the world's largest financial services organisation.
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Citizens Bank's history and acquisitions
Citizens Bank and Citibank are not the same. While both are large financial institutions in the US, they are distinct entities with different histories and offerings. Citizens Bank is a brand name of Citizens Bank, N.A., which is owned by Citizens Financial Group, Inc. Here is a detailed overview of Citizens Bank's history and acquisitions:
History
Citizens Bank's history can be traced back to the early days of American banking. The institution was established in 1828 as the High Street Bank in Providence, Rhode Island. Over the years, it expanded within Rhode Island and to other states, eventually becoming one of the nation's oldest and largest financial institutions.
Acquisitions
Citizens Bank, under the ownership of the Royal Bank of Scotland Group (RBS) starting in 1988, acquired several smaller banks in New England, solidifying its presence in the region. In 1996, they acquired First NH Bank, which gave the Bank of Ireland a 23.5% stake in Citizens. However, RBS resumed full ownership in 1998. In 1999, Citizens Bank expanded its footprint in Massachusetts by acquiring the United States Trust Company of Boston and the retail banking business of State Street Corporation.
In 2001, Citizens Bank expanded outside of New England by purchasing the retail banking division of Mellon Financial Corporation in Pennsylvania, New Jersey, and Delaware for $2 billion. This move made Citizens Bank the second-largest bank in Pennsylvania and a major player in Philadelphia and Pittsburgh. They continued to grow through acquisitions, such as the purchase of Commonwealth Bancorp in 2003 and Cleveland-based Charter One Financial in 2004, which added branches in multiple states.
More recently, Citizens Bank has continued to expand through strategic acquisitions. In 2018, they acquired Franklin American Mortgage Company and Clarfeld Financial Advisors. In 2021, they acquired JMP Group and purchased HSBC's retail branches on the East Coast. In 2022, Citizens Bank further expanded by purchasing DH Capital and completing the acquisition of Investors Bancorp. These acquisitions have allowed Citizens Bank to broaden its reach, enhance its capabilities, and better serve its customers across the United States.
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Citibank's services and products
Citibank and Citizens Bank are not the same. While both are large financial institutions, they are distinct entities offering different services and products.
Citibank, a subsidiary of Citigroup, is a multinational investment bank and financial services company based in New York City. It was formed in 1998 through the merger of Citicorp and Travelers. Citibank offers a range of banking services, including checking and savings accounts, credit cards, and money transfer services. It was the first bank to introduce digitized Smart Banking branches in several cities worldwide and has expanded its presence in China. Citibank also offers private banking services, providing customized financial solutions to wealthy individuals and families worldwide.
Citizens Bank, on the other hand, is a brand name of Citizens Financial Group, Inc., headquartered in Providence, Rhode Island. Citizens Bank is one of the oldest and largest financial institutions in the nation, with a significant presence in the northeastern United States. It offers a broad range of retail and commercial banking products, including checking and savings accounts, lending services, wealth management, and small business offerings. Citizens Bank also provides online and mobile banking services and has a network of approximately 3,000 ATMs and 1,000 branches across multiple states.
In summary, while both Citibank and Citizens Bank are prominent players in the financial industry, they differ in their ownership, geographic focus, and specific products and services offered. Citibank is part of the global Citigroup and provides a range of investment and private banking services internationally. Citizens Bank, associated with Citizens Financial Group, primarily serves customers in the northeastern US and offers a comprehensive suite of retail and commercial banking solutions.
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Citizens Bank's services and products
Citibank and Citizens Bank are not the same. Citizens Financial Group, Inc. is one of the oldest and largest financial institutions in the US, with $218.3 billion in assets as of June 30, 2025. Citizens Bank offers a wide range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.
Citizens Bank Services and Products
Citizens Bank provides an integrated experience that includes mobile and online banking, a full-service customer contact centre, and approximately 3,000 ATMs and 1,000 branches in 14 states and the District of Columbia. Citizens Bank's products and services include:
- Personal and business banking
- Student loans
- Home equity lines of credit and mortgages
- Credit cards
- Wealth management
- Small business offerings
- Lending and leasing
- Deposit and treasury management services
- Foreign exchange services
- Risk management solutions
- Loan syndication
- Corporate finance services
- Merger and acquisition services
- Capital markets capabilities
Citizens Bank also offers a Citizens Checkup®, where bankers can help customers map out a plan for their future. Additionally, Citizens Bank has branches in seven states with Spanish-fluent staff and a dedicated Fraud Customer Service Centre.
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Citibank's parent company
Citibank and Citizens Bank are not the same. Citibank is a large multinational investment bank and financial services company based in New York City. It was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers. Citigroup, the parent company of Citibank, is considered a systemically important bank by the Financial Stability Board and is ranked 36th on the Fortune 500.
Citibank has a long history dating back to 1812 when it was chartered by the State of New York as the City Bank of New York. Over the years, it has undergone various name changes and mergers, expanding its reach and services. Today, Citibank offers banking services and credit cards, with a notable mobile app and a presence in over 90 countries.
On the other hand, Citizens Bank has a different parent company called Citizens Financial Group, Inc., which is headquartered in Providence, Rhode Island. Citizens Financial Group is one of the oldest and largest financial institutions in the nation, offering a broad range of retail and commercial banking products and services. Citizens Bank was established in 1871 when the Rhode Island legislature granted a second charter to create the Citizens Savings Bank. The bank expanded throughout Rhode Island and beyond, and it now operates in 13-14 states with over $131 billion in assets. Citizens Bank provides checking and savings accounts, as well as other financial services, to a diverse range of customers, including individuals and businesses.
While both Citibank and Citizens Bank are prominent financial institutions, they have distinct brand identities, parent companies, and histories. Citibank is owned by Citigroup, while Citizens Bank is under the umbrella of Citizens Financial Group, Inc.
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Frequently asked questions
No, Citibank and Citizens Bank are not the same. Citibank is a major subsidiary of Citigroup, while Citizens Bank is one of the oldest and largest financial institutions in the US, headquartered in Providence, Rhode Island.
Citibank is a primary banking arm of Citigroup, a financial conglomerate formed in 1998 through the merger of Citicorp and the Travelers Group. Citizens Bank, on the other hand, is a brand name of Citizens Bank, N.A., and is a part of Citizens Financial Group, Inc.
Citibank offers banking services and credit cards. Citibank was also one of the first US banks to introduce automatic teller machines (ATMs), giving customers 24-hour access to cash.
Citizens Bank offers a wide range of retail and commercial banking products and services, including personal and business banking, student loans, home equity products, credit cards, online banking, and mobile banking.
As of early 2025, Citibank had total assets of around $1.698 trillion. Citizens Bank, as part of Citizens Financial Group, reported assets of $218.3 billion as of June 30, 2025.
