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Citigroup Inc. (NYSE: C)
March 13, 2008
Hungary: Customers Offered Solution for Complex Banking with New Citibank Hungary Zero Fee Bank Account
Budapest – It is becoming more and more complex for customers to understand the diversified bank account package offerings in Hungary in today's increasingly competitive market environment. Low-price account packages are often combined with expensive transaction fees that customers in many cases observe only after opening the account. Results of domestic research by Millward Brown show that two-thirds of the customers think that bank account monthly fees do not cover many basic transaction fees, and 30% of them consider their bank account monthly fee to be high. Another banking category research evidences that 60% of the customers would be willing to take a part of or even all their banking services to another bank should they receive a really attractive offer. With the aim of making the selection between the various offers easier for customers, Citibank Hungary has launched the Zero Fee Bank Account Package for consumers. This sea change service in the local market will allow Zero Fee Bank Account holder customers to manage all their local currency related domestic transactions for free.
"Customers will now be able to make a simple decision when they select the new Citibank product, as we are offering a groundbreaking account package that provides free banking for all local currency based domestic transactions. We continue with our innovations with the aim of introducing new products and services that provide real value to our customers in terms of comfort, speed and security," said Batara Sianturi, Citi Country Officer for Citibank Zrt. "We plan to attract many new account holder customers with launch of this service, who will be able to shop at one place from our various products and services including a wide selection of loans, credit cards and investment products which will contribute to our business growth," added Mr. Sianturi.
Customers who meet the requirement of at least a single monthly HUF150,000 ($850) incoming transaction on their Citibank Zero Fee Bank Account, or having an average total balance of HUF3 million ($17,000) with Citibank Hungary are entitled to apply for the new service.
Customers selecting the Zero Fee Bank Account Package will receive a free Citibank MasterCard or Maestro debit card, with free CitiAlert service in the first year. Unlimited domestic cash withdrawals from all ATMs across the country and Citibank branches are free, and all local currency domestic bank transfers are gratis. In addition, the bank will not charge any fee for the set up and execution of all local currency regular and permanent direct debit and standing order transactions as well as for all time deposit related transactions. The bank offers a free overdraft limit to all customers whose monthly single incoming minimum amount requirement of HUF150,000 is a regular salary payment.
Customers who do not meet the above detailed account balance criteria for using the free bank account in any month will be charged a HUF3,500 ($20) customer relationship fee in that particular month, while all the free transactions will remain available for the customers.
Individuals meeting Citibank's Zero Fee Bank Account application criteria may apply for this product at Citibank branches and Sales Centers. For further information, customers may call CitiPhone Banking at 06-40-24-84-24 or visit www.citibank.hu.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.