Citigroup today announced a corporate branding change that unites its businesses under the well-known "Citi" name and its recognizable red arc design.
This decision underscores the company's commitment to bring its businesses together to serve clients worldwide.
"Our unified brand represents the promise to serve our clients as one company, as one Citi," said Charles Prince, Chairman and Chief Executive Officer. "It also speaks to our exciting future as a highly connected, responsive, and profitable global leader in financial services."
"Citi is already among the most recognized and respected brands in global financial services. Our extensive global research and analysis also confirmed Citi is a highly effective brand across many languages, markets, and technology platforms. It is how most of our clients think about us already," Prince said. "Now, through a unified brand, we will leverage this symbol to represent our commitment to providing our clients with best-in-class advice, products and service."
The company also announced that it will sell to The St. Paul Travelers Companies, Inc. the trademark red umbrella that a legacy company acquired with its purchase of Travelers in 1993. The sale is conditioned upon Hart-Scott-Rodino approval, and is expected to close in March. Net proceeds from the sale of the umbrella will offset the future costs of implementing the unified brand.
"Our research continued to show that the trademark red umbrella was more connected with insurance, specifically St. Paul Travelers," continued Mr. Prince. "We are pleased to have entered into this agreement."
Beginning in the second quarter of this year, the following businesses will begin using a silver Citi with the red arc logo: corporate and investment banking will use the brand name Citi; wealth management will use the brand names Citi Smith Barney, Citi Investment Research and Citi Private Bank; and alternative investments will use the brand name Citi Alternative Investments.
Citi's global consumer businesses, including the Citibank branch network, will maintain the signature blue Citi with the red arc brand name and signage. Also, there are no plans at this time to change the Banamex brand in Mexico. Primerica will also maintain its brand name, but it will use a new logo without the red umbrella.
While the company will do business as Citi, its legal name will remain Citigroup Inc. In addition, the names of its various affiliated legal entities will not change.