Citigroup Announces Relocation of Global Head of Depositary Receipts to Hong Kong

Hong Kong, September 6, 2004 – Citigroup announced today the relocation of Sanjeev Nanavati, Managing Director and Global Head of Citigroup Depositary Receipt Services from New York to Hong Kong. From his new base in Hong Kong, Mr. Nanavati will continue to oversee all aspects of the depositary receipts product offering globally.

"The Asia Pacific region continues to offer significant growth opportunities for Citigroup, and our DR business in particular," said Shayne Elliott, Managing Director and Head of Citigroup Global Transaction Services for Asia Pacific. "The relocation of Sanjeev Nanavati as head of our Global DR business to Hong Kong puts our senior management in close proximity to where a majority of our growth is concentrated."

"The DR market in Asia is driven by capital raising and changing capital market conditions and my presence in the Asian time zone allows us to be exceptionally responsive to client needs. Europe and Latin America are important franchise markets for Citigroup and our commitment to our clients in these markets remains unchanged," said Sanjeev Nanavati.

Mr. Nanavati joined Citigroup's Depositary Receipt Services Management team in July 2001 in New York, and has over twenty years of experience in debt and equity capital markets, M&A, and corporate banking. In addition, he has worked and lived in Asia for over eleven years.

Citigroup is the leading depositary by the measures that matter - liquidity. Citigroup acts as depositary for some of the most liquid ADR and GDR programs, as measured by US$ value of trading, including Nokia the world's most liquid ADR, TSMC Asia's most liquid ADR and Samsung Electronics, one of the world's most liquid GDR's.

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About Citigroup Depositary Receipt Services
Citigroup Depositary Receipt Services is a market leader in bringing quality issuers to the U.S. and international markets and promoting Depositary Receipts as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify their shareholder bases and increase liquidity. In addition, Citigroup's financial strength and global presence provides clients with access to on-the-ground presence and in-depth knowledge of 90 local markets.

Depositary Receipt Services is a business line within Citigroup® Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 115 billion in average liability balances, more than $ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

About Citigroup
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, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

The information set forth herein is for information purposes only, and does not constitute a recommendation, solicitation or offer by Citibank, N.A., for the purpose or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A.

Certain GDR facilities noted in this announcement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"). Neither these GDRs nor the underlying securities may be resold unless registered under the Securities Act or pursuant to an exemption thereunder. These GDRs may only be issued upon the provision of appropriate certification and are only available to certain investors. Do not pass on any information with respect to the GDRs to prospective investors unless you have established that they are eligible holders of such GDRs.

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