How safe is Citibank

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desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
Post ID: #PID

Posted on: 22-11-08 16:21:12

Hello Desis,
In addition to the news of massive job cuts planned by Citibank, yesterday the stock price pluged to 15 year low. Now there are talks of bailout for the Citigroup, please see the link below:
http://www.businessweek.com/bwdaily/dnflash/content/nov2008/db20081121_876842.htm

I am sure many of us must have investment with Citibank in terms of RCA accounts or FCNR deposits as they aggerssively market NRI investments.
My question to fellow CDs and investment experts is should we withdraw our investments with them? Or sholud we stay put as this crises will not affect investors like us?
Thanks in advance for your responses.

Vandematram
Member since: Nov 08

Posts: 1448
Location: Sunny - Leone
Post ID: #PID

Posted on: 22-11-08 20:08:22

Eduguntalavada !

Venkataramana !

Govinda ! Govinda !

GOVINDA !

-----------------------------------------------------------------
Sunny Leone a true Canadian DESI now back in India !.

prince77
Member since: Apr 05

Posts: 387
Location: Canada
Post ID: #PID

Posted on: 23-11-08 00:18:31

miru telugu vara?

Quote:
Originally posted by Vandematram

Eduguntalavada !

Venkataramana !

Govinda ! Govinda !

GOVINDA !

-----------------------------------------------------------------
http://www.pictaram.com/user/pannapantry/3267403800

chekram_04
Member since: Nov 06

Posts: 427
Location: Mississauga
Post ID: #PID

Posted on: 23-11-08 01:58:39

Quote:
Originally posted by desi-friend

I am sure many of us must have investment with Citibank in terms of RCA accounts or FCNR deposits as they aggerssively market NRI investments.
My question to fellow CDs and investment experts is should we withdraw our investments with them? Or sholud we stay put as this crises will not affect investors like us?
Thanks in advance for your responses.

My concern is our RCA and FCNR accouts are protected by RBI or not? I think only Canadian Dollar Accouts are protected by CDIS and what about RCA and FCNR acs. Any CD can through a light on it?

desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
Post ID: #PID

Posted on: 23-11-08 03:31:00

Quote:
Originally posted by chekram_04

My concern is our RCA and FCNR accouts are protected by RBI or not? I think only Canadian Dollar Accouts are protected by CDIS and what about RCA and FCNR acs. Any CD can through a light on it?

No they are not and I also don't find any proper info on their website.

jonav
Member since: Apr 07

Posts: 458
Location:
Post ID: #PID

Posted on: 23-11-08 06:56:03

We have accounts with ABN Amro and HSBC in India (HSBC in Canada too). Recently we wanted to open a FCNR account with HSBC India as the rate of interest is 4.17 compared to the 2.9 offered here. The only thing which prevented us to do this was that FCNR accounts by both the above banks are not RBI secured neither CDIC has any say in them. I'm not sure but suspect Citibank will have the same rule. Speak to your Citibank representative.

Hope this helps......................Jona

subbash
Member since: Sep 07

Posts: 8
Location:
Post ID: #PID

Posted on: 23-11-08 10:07:53

This is the rumor I am hearing. Citi will be seized some time before Monday morning.
Get this...Goldman Sachs get the deposits and JPM Morgan to get the investment banking assets.
Hope the prince will be over the moon that his money will be going to the Jews!
just my 2 cents

subbash

Contributors: investpro(3) subbash(3) desi-friend(2) clinton(1) Vandematram(1) pratickm(1) prince77(1) AshwaniG(1) chekram_04(1) jonav(1)

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