Citi and Saxo Bank to Launch Citi-FX Pro for Private Client Access to World Class FX Trading

Citi and Saxo Bank to Launch Citi-FX Pro for Private Client Access to World Class FX Trading

November 20, 2007

    NEW YORK, COPENHAGEN, Denmark and LONDON, Nov. 20
/Xinhua-PRNewswire/ -- Citi today announced plans to launch
CitiFX Pro, an online foreign exchange (FX) trading
platform, in collaboration with Saxo Bank, the
Copenhagen-based online bank. Two global leaders in their
own fields, Citi and Saxo have come together to pool their
capabilities and offer FX trading to sophisticated
individuals and smaller institutional traders. 

    CitiFX Pro will offer Citi's clients an opportunity to
take full advantage of the world's largest financial market
with access to the same level of data and trading technology
as institutional traders. Subject to regulatory and other
approvals, CitiFX Pro is expected to begin operating
shortly in the US market and will be rolled out in selected
countries around the globe during 2008.

    FX trading is increasingly attracting interest as a
product for active traders. With CitiFX Pro, Citi will
offer the sophisticated client access to robust FX trading
capabilities with more than 150 currency crosses in a
market with a daily turnover of more than US$3 trillion
according to the latest BIS report.

    Jeff Feig, Citi's Global Head of G10 Foreign Exchange
said: "We believe providing FX execution service to
sophisticated individual traders and small institutions
using state-of-the-art online tools is a natural extension
of our global FX product suite. We are excited at the
prospect of expanding our client base and developing new
relationships in this emerging client segment. We have
chosen to partner with Saxo Bank because of their long and
strong dedication to online trading."

    The agreement between Citi and Saxo Bank brings
together the best of two worlds for the sophisticated
individual and small institutional trader - the strength
and security of the world's largest bank and the excellence
of product and service delivery from the foremost provider
of online FX trading.

    Kim Fournais, co-CEO and co-founder of Saxo Bank, said:
"We are delighted with this alliance. Private traders
will now be able to take full advantage of Citi's global
presence, authority and reliability and Saxo Bank's
technology to trade FX virtually anytime. This will provide
better products, prices and services to a growing audience
of globally oriented investors and traders."

    By joining forces with Saxo Bank, Citi, in addition to
best in class liquidity and service, will be able to
provide its clients with a user-friendly online trading
platform and a tried and tested track record. A pioneer in
the online investment trading market, Saxo Bank has over
the last decade accumulated valuable knowledge and
expertise in supporting the online trading needs of a
global client base. It has established a global reputation
for providing award-winning technology along with
outstanding product and service capabilities to support its
White Label Partnership concept.

    Lars Christensen, co-CEO and co-founder of Saxo Bank
commented: "The combination of Citi's world class
product infrastructure, global brand and size with Saxo's
best of class facilitation and technology will change the
way global capital market products are being distributed
and serviced worldwide. We are very encouraged by Citi's
commitment and professionalism. This is a winning
proposition for everyone involved."

    Citi's entry into the rapidly growing margin FX
business is an important strategic decision. Saxo Bank is a
global leader in online FX trading and its SaxoTrader
trading platform has won numerous international awards.
CitiFX Pro has been developed specifically for Citi based
on its specifications and needs.

    Sanjay Madgavkar, Global Head of FX Margin Trading,
Citi said: "CitiFX Pro will provide
institutional-level online trading services to a wide range
of clients. The FX market is very attractive for active
traders and we believe we can provide a best-in-class
platform and liquidity to this client base. We believe our
global presence in the FX market, combined with Saxo's
proven abilities will provide a winning product for clients
seeking to trade in the Margin FX space."

    Citi and Saxo Bank invite the media for a press
conference November 20, 9:00 AM at Citigroup headquarters
in New York City at 390 Greenwich Street, 4th floor.

    Media can also call the following numbers to
participate in the press

    conference:

    Domestic: 866-787-9071

    International: [phone]

    Conference ID: 24857488

    About Citi

    Citi, the leading global financial services company,
has some 200 million customer accounts and does business in
more than 100 countries, providing 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, and wealth management. Citi's major brands
include Citibank, CitiFinancial, Primerica, Smith Barney
and Banamex. Additional information may be found at
http://www.citigroup.com or http://www.citi.com.

    About Saxo Bank A/S

    Saxo Bank A/S is a modern investment bank specializing
in online investments in international Capital Markets.
Saxo Bank enables clients to trade currencies, shares,
CFDs, futures, options and other derivatives, as well as
providing portfolio management via our online trading
platform, SaxoTrader. SaxoTrader has been developed by Saxo
Bank and is available to today's investor directly through
Saxo Bank or through one of our global partnerships, where
it forms an integral part of their infrastructure. One of
Saxo Bank's significant areas of business is White
Labelling. This involves the bank's online trading platform
being customized and branded for other financial
institutions and brokers. Saxo Bank has more than 85 White
Label Partners and thousands of clients in over 177
countries. The bank's website http://www.saxobank.com
receives approximately 65,000 visitors every day. Saxo Bank
currently employs more than 1,200 employees from 57
different countries.

    Saxo Bank has its headquarters in Copenhagen, with
operating offices in London, Geneva, Zurich, Singapore and
Marbella. It also runs a representative office in Beijing
and an IT development center in St. Petersburg. 

    http://www.saxobank.com
    http://www.saxobank.dk
    http://www.saxobank.co.uk
    http://www.synthesisbank.com
    http://www.saxomarkets.com.sg
    http://www.saxotrader.es
    http://www.saxosoft.com


    Media inquires:

    Citi:
    Danielle Romero-Apsilos,
    [phone],
    Jeffrey French,
    [phone];
    
    Saxo Bank:
    Kasper Elbjorn,
    [phone],
    Fleming Voetmann,
    [phone].