Summary:A USD 52 million fraud committed by a manager was unearthed by Citibank itself who informed the RBI, SEBI, and other investigating authorities. Our PR agency identified Citibank’s need to reaffirm credibility for the bank and its operations in India, and communicate the facts of the case. Focus was also brought to the need for checks and balances, and wealth management practices of the entire banking industry as a whole. Forensic experts were instrumental in testifying that Citibank has provided a case study of how to monitor and capture such malpractices in time. Client testimonial -Faced with a USD 52 million fraud that threatened to negatively affect the credibility of Citibank within the country and across the world, a quick and effective media/crisis management strategy was essential – especially since the global CEO Mr. Vikram Pandit was due to visit in 45 days. The real time crisis management strategy and incisive decision making and support from the team not only helped arrest over 80% of the press coverage, but also shifted the press coverage from extremely negative to neutral within one week. This undoubtedly helped reaffirm Citibank’s credibility in India.

Madhavendra Das, VP – Corporate Communications, Citibank

1. Crisis Management team was activated, which involved the CEO, Media intelligence head, public affairs head and monitoring specialists to track the media and police, on a real time basis2. A statement was developed comprising the facts of the case and Citibank’s stand on the matter3. Every newspaper beat journalist was contacted, along with media at the desk to ensure no story was published without a Citibank perspective4. Feature stories around checks and balances to be adopted by banks was floated amongst the media 5. Third party debates on unearthing such frauds with two pro-Citibank spokespersons and one non-pro Citibank support resulted in stories on the op-ed pages of several publications 6. A thorough media round by India’s senior management to arrest all queries around the matter before the visit of Mr. Pandit7. Real time intelligence reports8. Controlled media engagement program for Vikram Pandit’s visit – one exclusive with the Economic Times editor, followed by a round table with banking editors of other media houses

• Reaffirmed credibility for the bank and its operations in India• Arrested negative press• Communicated the facts of the case that Citibank had itself unearthed the fraud• Assisted in real time crisis management• Matter was settled before the visit of Mr. PanditKey achievements• Ability to arrest coverage in 80% of the cases • From Extremely negative front page coverage to neutral coverage in one week of being hiredManaging the Global CEO’s visit just 45 days after the largest scam in wealth management, and no negative coverage of reference to the issue was definitely an achievement proving our media relations and crisis handling capabilities