When did Citibank become a bank?

Citibank, (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $2 million (~$43.4 million in 2023) of capital.

Why was Citibank created?

Citibank was born from anger. The charter of the First Bank of the United States was allowed to lapse in 1811 thanks to opposition from Jefferson about centralization. In its stead, northern merchants, led by Alexander Hamilton, applied to charter their own banks, which they hoped would be large enough to replicate the FBUS' economy of scale.

Is Citibank a bank?

Citibank, N.A. ("N. A." stands for "National Association"; stylized as citi bank) is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has branches in 19 countries. [citation needed]