As negotiations continued in 1811 on the renovating of the Charter of the Bank of the United States, several New York merchants allied with the United States. The new Bank was applied by President James Madison. They asked the State Assembly on February 11 to "praying to be incorporated as a banking company and found that banking in Philadelphian, Boston, and Baltimore was easier than in New York. On 22 March, the first rebound arrived. The petition was rejected by the State Assembly Vice President George Clinton's party.
When the Assembly reconvened in 1812, it then faced demands that two additional banks be founded by Clinton's merchants and associates of the former Bank of the USA. Join one, elder statesman Samuel Osgood. He had a strategy. - He had a plan. The State legislators sponsored the original 1811 petition. He will be named chairman of the new bank himself. Half of the rest on the board would be secured by the original traders allied with Madison, while the remainder would go for the new traders who backed Clinton. The Charter now sailed to the State Assembly with more general support and came into being on 16 June 1812 on the City Bank of New York. Though three months earlier Clinton died of a heart attack, now almost half of the new bank's board in his homeland has been dominated by his supporters. The 200-year history of Citibank started with the passage of the charter.
The goal of Citi is to serve their customers as a trustworthy partner, delivering financial services that promote economic development and growth. Their core activities are the security of properties, lending money, payments, and access on behalf of their customers to the capital markets. They have 200 years of experience to help their customers face and overcome the most challenging challenges in the world. They are Citi, the global bank—an organization that links millions in hundreds of cities and countries.
They preserve savings and help people buy goods that enhance the quality of their lives from daily purchases to the purchase of a property. They advise people on how to plan for future needs, such as the education and retirement of their children, and help them purchase securities like stocks and bonds.
They work with businesses to simplify their everyday activities to make wage payments or export their goods internationally if they need working capital. By lending to large and small companies, they help them to develop and build employment and legitimate economic value in their own countries and communities around the world. They support and fund government at all levels, enabling them to develop sustainable infrastructure, including housing, transport, schools, and other public works of significant importance.
These capabilities place a responsibility to be responsible, do what they can to produce the best results, and handle the risk prudently. If they fall short, their actions and their experience will be definitive.
By consistently upholding the highest ethical standards, they are working to gain and sustain public trust. They call on their colleagues to ensure that their decisions are made in three ways: they are in the interests of their customers, they build economic value, and are always systemically accountable. If they do it right, they have a beneficial economic and social impact and they demonstrate what a global bank can do to the communities that they represent.
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