National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that it would occur in the 1990s and 2000s. In 1968, Citicorp was set-up as a holding company and in 1976, First National City Bank was renamed Citibank, N.A. The name change also helped to avoid confusion in Ohio with Cleveland-based National City Corp. though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1998, Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis. When the Federal Reserve Act allowed it, Many of Citi's present international offices are olde r; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico. By 1919, the bank had become the first U.S. bank to have $1 billion in assets. . .
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