(11 March 2008 – Asia) While the credit crisis has had a significant impact on Citigroup, the resulting currency volatility has proved a big winner for its Asian treasury sales.In 2007, Citigroup’s revenue for foreign exchange for its Asian division increased by a substantial 40 percent, with January 2008 figures continuing to surge.
The net profit for Citigroup in Asia in 2007 was $US4.6 billion, helping to combat the bank’s write-down of nearly $US10 billion at the end of 2007 due to the mortgage crisis in the US.
Citigroup managing director and co-head of corporates sales and structuring in Asia, Lee Lung Nien, said that Citigroup was able to thrive in the volatile market, giving rise to the growth in sales.
He as well as fellow Citigroup director Adam Gilmour said that Citigroup expects double digit growth again in 2008. The directive from new chief executive Vikram Pandit is to focus on Asia during 2008, they added.