Word: citicorp
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...global business enterprise that has, in a sense, become more powerful than all those other Japanese companies combined. According to figures released last week by the American Banker newspaper, Dai-Ichi Kangyo, whose assets reached $207 billion in the first quarter, has just surpassed New York's Citicorp ($176 billion) as the largest banking company in the world...
...asking commercial banks, which already hold 75% of the Mexican debt, to provide $6 billion of the new credit. The bankers, who were stunned at the size of the request, say that negotiations on the terms of the loans could take months. But large creditors like New York's Citicorp ($2.8 billion already on loan to Mexico) will almost certainly have to go along with the IMF in order to reduce the risk of a default...
...Government expects to save some $2 million a year on the new program. One reason: the cards will cut down the amount of money the Army has to borrow for cash advances to its personnel. Moreover, Citicorp, which owns Diners Club, has agreed not to charge the usual $55 annual fee on the cards. Citicorp will still receive payments, however, from restaurants and stores that accept the plastic. Like all Diners Club members, the soldiers will receive a $150,000 travel life insurance policy. It will cover them when they take a commercial bus, plane or train, but not when...
...largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking company in the U.S. after Citicorp, announced a second-quarter loss of $640 million, the second-biggest on record for a financial institution. That brought the troubled bank's total deficits in the past 15 months to $914 million and raised questions about its ability to survive as an independent institution. But the week's most...
...Citibank-Citicorp donated at least $3 million. Primary sponsor Coca-Cola Co. won't disclose its donation, but Rogol concedes it's at least as much as Citicorp...