Awards for Excellence: North America
In the world's largest banking market, size is becoming increasingly important. The merger of Citibank with Travelers Group creates a group with a value of more than $140 billion. On a pro-forma basis, the company would have had assets at year-end 1997 of almost $700 billion, net revenues of nearly $50 billion, operating income of approximately $7.5 billion and equity of more than $44 billion. Its market capitalization would rank it number one among the world's financial services companies.
BankAmerica has joined NationsBank (see below) to create another giant. And BancOne has merged with First Chicago NBD to create a competing national retail and business banking franchise and the largest bank in the Midwest. The new BancOne will be the number two credit-card issuer with $60 billion in managed receivables and the number one lender to small businesses. Its investment-management business will have more than $100 billion in assets under management. It will have more than 2,000 offices nationwide.