Citibank Drops Anchor on Netscape Portal

Citibank made a
splash into the portal arena as it announced today an agreement with
Netscape to be the anchor tenant on Netcenter’s new Personal Finance Channel.

Under terms of the agreement, Citibank will receive exclusive branding and
positioning on the front screen of Netcenter and its Personal Finance
Channel, with additional semi-exclusive sponsorships on subchannels devoted
to financial services. Citibank will also receive positioning on
Netcenter’s homepage.

The finance channel is designed to incorporate resources allowing Internet
users to manage their finances and conduct financial transactions online.
Netscape said it will provide Citibank with a way to reach the active
financial services consumers online, as well as offer access to millions
of new customers using a global touchpoint.

The three-year, “pay for performance” agreement represents the first such
agreement for Citibank, which said its goal is to increase its customer
base to 1 billion by 2010. Financial specifics were not disclosed.

“We see the Web as offering the interactivity that we can’t do in visible
space,” said Josh Grotstein, division executive of global Internet/intranet
programs for Citicorp. “We will offer our current services through the
Personal Finance Channel, and also will be developing new e-commerce
products and services.”

From tracking stocks and portfolios, to researching potential investments,
and to applying for mortgages and insurance policies online, the companies
commented that the Netcenter Personal Finance Channel is intended to offer
a spectrum of informational and transactional resources. The new channel
will debut on Netcenter this fall as part of a fall line up of new consumer
channels, Netscape added.

“This agreement represents a first for new channel sponsorships in the
budding Internet portal industry,” said Jim Barksdale, president and CEO at
Netscape. “Citibank demonstrates how a leading company can not only
leverage Netscape software to create state-of-the-art financial service
applications, but also take advantage of our Netscape Netcenter portal site
to promote its services and strong brand to the millions of
Internet users who visit Netcenter each day.”