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Brazil: Citigroup Exercises Option to Retain Credicard Brand

São Paulo – Citigroup yesterday exercised its option to keep the Credicard brand. Credicard, of which Citi was a managing partner for over 30 years, is the pioneer brand, synonym of credit cards in Brazil and perfect to allow Citigroup to continue to expand is retail operations in the Brazilian market. The exclusive use of the Credicard brand by Citigroup will occur beginning January 1, 2009.

"We are very proud of this decision, given that Credicard is the pioneer brand in this industry and a symbol of credit cards amongst the Brazilian public. This event demonstrates Citi's firm commitment in maintaining a vigorous growth in Brazil and in being among the main credit card issuers in the country," said Gustavo Marin, CEO of Citigroup in Brazil. "Citigroup identified Brazil as one of the key countries where it will grow significantly," added Marin.

For Hector Nevarez, president of Credicard Citi, "the Credicard brand has always had a DNA focused on success. With the option of exclusive use, Citigroup will boost the brand even further, based on Credicard Citi's performance." The values that created Credicard's success in the market, such as innovation, pioneering business practices, transparency, and investment in an extremely competent team of professionals, were complemented by Citigroup's international know-how.

Following the split, in May of 2006, Credicard Citi began its process to lead the Brazilian credit card market to a new level of development: a change based on cutting-edge technology, that perfects the relationship with the clients, bringing real benefits aligned to the needs of the different profiles of credit card holders.

The third largest in the Brazilian credit cards market among the private issuers, Credicard Citi has bold growth plans – in 2006 the results were extremely significant – a success achieved during a year in which the team worked in the midst of the split environment.

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Citigroup, 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. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at

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