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In and , branches in Germany and Japan closed. But it failed to anticipate the slowdown that was to come. Would holidaymakers in Britain ever book a Thomas Cook break again? Citi Bank Home Loan. Starr, P. Citi Bank has been operating in India for over a century.
Right up to their last days, the IBC branches were obliged to remain open as they were the official bank for the American government in those cities. The Singapore branch was working day and night to help finance the United States government in their last-minute purchases of tin and rubber.
Even as the Japanese crossed the Causeway , the Singapore branch was still in operation. George Magruder, a sub-accountant at IBC, recalled that he was left behind to clear the settlements while the rest of the staff left on a boat for India. On 5 February , when the Japanese invaded Singapore, the Singapore branch handed over the remaining items on its balance sheet to a British bank. However, postwar activities for the bank were less dynamic and remained stagnant for the next 10 to 15 years.
Things picked up for the bank in the s when Singapore actively promoted the establishment of manufacturing companies.
During this period, finance and consumer services became part of its core business. Citibank established the Consumer Bank in to cater to the needs of individuals and small businesses. Today, Citibank provides a complete range of financial services to its customers. Starr, P. Citibank: A century in Asia.