THE HOME DEPOT ANNOUNCES NEW CREDIT CARD SERVICES ARRANGEMENT WITH CITIGROUP - Expanded Relationship Provides Significant Growth Opportunities for Both Companies - Atlanta & New York, - May 28, 2002 - The Home Depot, the world's largest home improvement retailer, and Citigroup, the preeminent global financial services company, today announced a strategic relationship to provide consumer and commercial credit card accounts to Home Depot customers. The strategic multi-year agreement calls for Citi Commerce Solutions (CCS), the private label credit card unit of Citigroup, to expand Home Depot's consumer credit card, commercial revolving charge and commercial accounts beginning in mid-year 2003. The outsourcing agreement allows Home Depot to partner with the largest global provider of consumer credit. "This exclusive partnership provides Home Depot with significant competitive advantages including new service offerings for our customers which will deliver top-line growth," said Bob Nardelli, chairman, president, & CEO, The Home Depot. "We are excited about the new and unique opportunities this relationship will provide over the long term." "This agreement builds upon the existing important relationship that The Home Depot and Citigroup already share and demonstrates the breadth of services that we can provide to our clients," said Sanford I. Weill, chairman and CEO of Citigroup. "We're pleased that The Home Depot has looked to Citi's credit experience, systems and management for the operation of their credit programs." Founded in 1978, The Home Depot is the world's largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2001 sales of $53.6 billion. The company employs approximately 290,000 associates and has 1,397 stores in 49 states, Puerto Rico, seven Canadian provinces, and Mexico. The company for the second year in a row was named sixth Most Admired Company in America by Fortune magazine, which has also ranked it as America's Most Admired Specialty Retailer for eight consecutive years. Its stock is traded on the New York Stock Exchange (NYSE:HD) and is included in the Dow Jones Industrial Average and Standard & Poor's 500 Index. Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.
Nice find, Ron! I always thought it strange that both Home Depot and Lowes were using GE/Monogram for their store cards. -mj
Both are using MCCBG. Citi is taking over the existing accounts as well as new accounts for Home Depot.
Oops! i misread your quote. I missed the "it strange" part. In other words I thought your said.... I always thought that both Home Depot and Lowes were using GE/Monogram for their store cards. ...... which would explain my response. It's late.
