Re: UKNM: big ISP news

[Alex Balfour]

At 13:42 02/06/98 +0100, you wrote:

>Hello all.

>

>If this is true, then it's a very bold move.

>Is it confidence, or desperation?

>

[scuse the flood of messages in recent minutes Sam]

[Moderator's Note: No problem, but in future, can everyone please only include the relevant portions of press releasesa/blatant promotional mailings, etc. to stop the list getting swamped. Thanks.]


ah well, here's your answer


*sigh*  (Peter and the Wolf anyone?)



Embargoed until 2 June 1998, 3.30pm

CITIBANK OFFERS FREE INTERNET ACCESS IN UK FIRST


London, June 2 1998: Citibank today announces a deal which will offer all new

customers opening a Citibank Current Account free unlimited Internet access.


>From July 1998, each new Citibank UK current account holder will receive a

year�s subscription to Virgin Net.  The offer is worth �143.88 and includes:

? Unlimited Internet access for the year

? A Virgin e-mail address

? Access to Virgin Net�s on-line entertainment, news and education services

which is UK specific

? A generous allocation of webspace for personal use

? Access to Virgin Net�s round-the-clock telephone help desk (24 hours a day,

7 days a week, 365 days a year)


This is the first time that any major institution or business in the UK has

offered a full Internet package free of all charges.


Virgin Net is Richard Branson�s consumer Internet service.  Since its launch

in November 1996 it has attracted more than 115k customers, making it one of

the fastest growing Internet service providers (ISP) in the UK.


The ISP offer comes ahead of the planned launch of Citibank�s Internet banking

service scheduled for later in the year. It clearly demonstrates Citibank�s

total commitment to becoming the country�s leading virtual bank, offering

customers superior value for money and unparalleled access to their finances.


CUSTOMER PROPOSITION:

One year�s free unlimited Internet access, worth �11.99 per month, is

available to anyone who opens a Citibank Current Account, registers for

Citibank�s forthcoming Internet banking release, and maintains a balance of

�2,000 for one month.  (See below for account conditions and eligibility*).


HOW TO TAKE ADVANTAGE OF THE OFFER:

Members of the public should call 0800 008100 to register for the offer.



According to Ed Horowitz, Corporate Executive Vice President of Citibank in

charge of Global Advanced Development Group:  �Our goal of extending

Citibank�s global reach and growing our customer base largely depends on

launching global electronic financial services and banking, and electronic

commerce products and services.


�The deal we have done with Virgin Net is the first time that any major

institution or business in the UK has offered a full Internet package free of

all charges to customers.�


Commenting, Peter Wilkes, Marketing Director, Citibank International plc,

said: �Electronic transactions can reduce banking transaction costs to a

fraction of their traditional level.  Without the cost of a UK branch network

to support, Citibank is able to pass these savings on to customers who want to

take advantage of direct access channels. The benefits of this can be seen in

the high levels of interest we are able to pay on our UK current account.�


�We believe that the World Wide Web supports our brand values in offering

access around the clock, control, globality, and technological innovation.

The offer is immensely important for Citibank and is a reflection of what we

offer our customers as a bank � namely excellent value, flexibility, and

control.  Moreover, we know that our target market is already using the

Internet � by offering free access we are simply making this cheaper and

easier.�


David Clarke, CEO at Virgin Net added:  �At Virgin Net, we have attracted a

large number of customers over the past 18 months by providing them with

exactly what they want.  Initially people used the Internet for electronic

mail, information gathering and entertainment.  Today our customers want to do

more serious things as well.  They want to use the Internet to save time and

money, they want to shop on-line and many of our customers tell us they also

want to manage their financial affairs on-line.  Citibank has focused on

providing a complete PC banking service which we believe offers our customers

all that they are looking for in this area. �


The Citibank Account was launched in the UK 3 years ago and today offers one

of the best value current account packages on the market.  For instance,

customers automatically get:


? SAVINGS RATES of interest on their current account, for instance balances of

�2,000 attract 4.75%.  (Tiered rates currently range from 1% on balances up to

�1,999, and 6% for balances of �50,000+)

? FREE, real-time PC banking

? FREE 24 hour telephone banking from anywhere in the world

? FREE use of over 18,000 cashpoints in the UK and access to over 350,000 VISA

cashpoints worldwide.

? Interest-free �500 �No Bounce� zone if customers go overdrawn (subject to

status)

? Commission-free travellers cheques and foreign exchange services

? Foreign Currency Savings Accounts in 15 different currencies

? Interactive website featuring product information, Elton John link, and

personal finance issues e.g. EMU updates and world stock prices


- ENDS -