| July 26, 2012 |
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| Citibank Hungary's new Debt Consolidation Loan offers consumers an outstanding opportunity to consolidate multiple loans, including personal loans, overdrafts, durable goods financing and credit cards from various financial institutions into one Personal Installment Loan from Citibank. The annual interest rate of the Citibank Debt Consolidation Loan is 19.9 percent for applications submitted via all channels, including branches, direct sales agents, telephone and online and may result in a reduction of the customers' earlier monthly installments by up to 25-30 percent. |
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| Batara Sianturi, Citi Country Officer for Hungary said, "We are committed to continuing to offer our customers innovative, convenient and transparent products that bring them real value. In the current market environment when companies are deleveraging their assets we realized that individual customers are copying this trend in their households. We believe our Citibank Debt Consolidation Product can be a very efficient tool to help customers consolidate and simplify their debt at an attractive interest rate." |
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| Jon Wiggins, Citibank Consumer Business Manager also remarked: "We designed this new product to allow our customers to reduce their monthly loan payments and ease the administration burden of managing their day-to-day finances. We do not require customers to transfer their salaries to Citibank and to buy any credit insurance as a criteria to disbursing the loan, however, if they decide to go with our relevant offers, they can reduce the administration fee even to zero percent. We encourage our customers to leverage the opportunities our Debt Consolidation Loan can offer them both in terms of competitive pricing and convenience." |
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| Citibank Debt Consolidation Loan key features: |
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• Loan amounts from HUF600,000 to HUF3,000,000
• Tenor from 30-72 months
• Fixed annual interest rate of 19.9 percent
• Reference to debt consolidation purpose must be included on the Application Form
• Application can be initiated in Citibank branches, telesales & direct sales channels and online
• Administration fee is 0 percent for customers deciding to transfer their salaries to Citibank and buy a basic or upgraded credit insurance package.
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| Important information |
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• APR is between 21.8%-27.2%.
• A representative example based on paragraph 4.§ (2) of the Act 2009/CLXII on Consumer Loans: for a loan of HUF3,000,000, the fixed interest rate is 19.9%, the administration fee is 2%. Total amount to be repaid is HUF 4,758,900, monthly installment is HUF 79,315, APR is 23.0%. Calculation of the APR is based on actual contractual terms and the applicable laws and it may be changed when these terms and laws change.
• The 19.9% interest rate applies to (i) applications for a new Citibank Personal Loan, including the applications for a new Debt Consolidation Loan, (ii) further loan applications of existing customers who already have a personal loan from Citibank with 19.9% interest rate, and (iii) to related targeted offers. It does not apply to customers with existing contracts in other than the above-described cases.
• Further information on terms and conditions are available at Citibank's website at www.citibank.hu, at Citibank Branches and Citibank Credit Phone Line at 06-40-40-10-40.
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| Citibank Hungary |
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With more than a 25-year history of presence, ingenuity and leadership in Hungary, today, Citibank Hungary operates as a unique global bank providing large corporate, small and middle enterprises and individual clients with a wide range of world-class, leading-edge innovative products and services. These include global transactions services, securities and fund services, corporate and investment banking services, treasury services, wealth management, investment products, cards, insurances and loans. The highly skilled team of Citigold personal bankers provides outstanding private banking services to affluent individuals. Citibank Hungary's diversified distribution channels consist of 26 branches across major cities in Hungary, 24/7 CitiPhone banking, Citibank Online internet banking and direct sales/telesales channels.
Citibank Hungary's Zero Fee Bank Account for the fourth consecutive year was voted as the Best Bank Account Award in the 2011 MasterCard - Bank of the Year Competition.
Additional information may be found at www.citibank.hu | Facebook: www.facebook.com/CitibankMagyarorszag |
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| Citi |
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Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at: www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi |
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Eva Hencz |
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Tel: +36 1 374-5184 |
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Mobile: +36-30-250-7473 |
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Fax: +36 1 374-5115 |
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