Citigroup, the US financial conglomerate, is to unite all its corporate and investment banking e-commerce operations into a new e-business unit.

While an announcement about the operation, which could boost the group's share price, is not expected for several weeks, it is being put together by one of the bank's vice presidents, Jorge Bermudez.

The unit is being known internally as e-Business and early details suggest the operation will also include Citigroup's worldwide e-commerce businesses.

The news follows a flurry of announcements from the group about internet-style deals. Among the recent initiatives was the creation of a global corporate smart card programme using Sun's Java Card technology.

The idea behind this plan is to irradicate the need for multiple credit and payment cards and authentication of customers' identity over the internet. Other projects have also involved tie-ups with other technology firms, such as SAP in a deal which will allow Citibank's payment systems for its business customers to be accessed via the on-line ordering service - known as business to business procurement - included in SAP's software.

The decision to group all e-commerce business into one unit is designed to make it easier for Citigroup's corporate and institutional clients to access all its e-business technology and applications.

Citigroup last night confirmed the plan. "It is evolving," a spokesperson said.