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Citigroup Inc. (NYSE: C)
July 03, 2006
Thailand: Young "Apprentices" Show Business Smarts at Citibank Wealth of the Future Camp
Bangkok – Like contestants in the popular U.S. television show, "The Apprentice," 50 students from Bangkok showcased their business smarts at the second annual Citigroup Thailand Wealth of the Future camp in late June.
The students (selected from five schools) gathered in Chachengsao province to learn financial skills and the basics of business. Over the three days they covered the following topics:
- How companies work – The students visited a small Salid fish production company (fishing is one of the biggest industries in Samutprakarn province).
- Pricing, costs and unseen costs – The true cost of goods and how they are priced - e.g., costs related to mark up, distribution, and hidden costs for promotions and advertising.
- Wise purchase, Right purchase – Learning the difference between economic needs and wants.
- Budgeting – Students were challenged to put their budgeting skills to the test in this activity. Each was student was given 100 baht to buy their own breakfast at the famous Chacherngsoa market. The winners were those who were able to negotiate the best value for money breakfast at the market.
- Business planning – Students had to develop a business plan.
"As financial education is one of our major community focus areas, we are delighted to see the ongoing success of the camp. We think it is an exciting and valuable program because it has a strong practical element to it.
"In addition, the teen students who attend are at an age where they are becoming more independent in all aspects of life. Because of this, the content was developed to encourage them to put into practice what they have been taught."
Mr. Sah said another success factor was the involvement of Citigroup employees.
"Our employees made a big contribution as volunteers and teachers. The students enjoyed the opportunity to meet and talk with real life bankers and this was one of the things that was most highly rated in the post-camp feedback."
One Citigroup employee who participated as a teacher was Citibank Training Manager, Ms. Ploenpit Varachanonth.
"I was pleasantly surprised by how quickly many of the students grasped and understood the financial and business concepts that we presented. And I think after the breakfast challenge at Chacherngsoa market, many of them now realize how to get the most from their 100 baht notes in the future."
Pramonthatsriphichit school student, Komsant Puangchaiya was one who caught on fast.
Instead of asking his parents to pay for his Internet usage, this budding computer entrepreneur brought snacks from his neighborhood food stall for 10 baht per pack and then sold these to his school friends at 15 baht per pack.
Every month he made 300-400 baht in profit that covered his monthly online charges. He said:
"Because my parents own a small shop, I have a basic understanding about things like mark up and the role of the middle man. But by attending the camp however, I have leant a lot more and look forward to using this in the future."
Another eager student was KittichokeSeekakaew from Nawamintrachinutit school.
"I'm glad I learned about concept of depreciation and budgeting. My favorite part, however, was a production process of Salid fish production as it's a real case study which is easier for me to remember the process and understand how middle man channel impacts the product's pricing."
The camp, sponsored by Citigroup (thanks to a grant from the Citigroup Foundation) was run in collaboration with the National Council on Social Welfare of Thailand.
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Citigroup
Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporation, 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 and Banamex. Additional information may be found at www.citigroup.com.