The company's stellar record in recent years can be traced to moves that first looked like a setback but wound up a windfall. In the early 1990s, Citibank pressed Japan for the right to link up its financial network to the cash machines of the country's commercial banks, whose ATMs today number 120,000 nationwide. That proved fortuitous. As Japan's banks foundered over the next several years, Japanese depositors by the hundreds of thousands moved their savings to the state bank. By pushing a few ATM buttons, they can transfer their cash directly into Citibank vaults.
Good fortune is just part of the success story.
Japanese consumers have been demanding a wider range of investment vehicles and financing options than traditional lenders were willing to offer. There was a clear shift to more consumerism. Another allows 24-hour currency switching by telephone for individual clients. Especially those with lots of money to play with. Citibank's strategy has been to focus on the consumer.