Citi’s earliest presence in South Africa dates back to 1920 when National Bank of New York opened an office in Cape town (first ever presence by Citibank in Africa). In 1958 the bank opened for business in Johannesburg, and remained active on the ground up until 1987 when Citicorp sold its South African subsidiary. Citi re-entered the country with a representative office that was converted to a full branch in July 1995. Since then, we have grown to become the country's largest foreign bank and the sixth largest commercial bank, with capital and reserves representing over one quarter of the capital of all foreign banks operating in the country.