Acquisitions key to Citigroup growth
(15 March 2006 – USA) Citigroup is targeting acquisitions in Europe and Asia to boost growth of its consumer division.
The bank’s chief executive of its international consumer business, Ajay Banga, said Citigroup wanted to increase the size of its business in Greece, Belgium and Germany.
In Asia, Citigroup was targeting China, India and South Korea. Elsewhere Brazil is also a market the bank is targeting for growth.
Banga said the bank was eyeing annual growth of around 13 to 15 percent in these markets.
He said Europe’s slow growing economy meant acquisitions rather than organic growth was the key to increasing the bank’s scale.
Citigroup’s consumer division accounts for just under 40 percent of its overall business. Banga said the division was looking to grow to 50 percent of the bank’s business within the next four to five years.
In Asia, Citigroup was targeting China, India and South Korea. Elsewhere Brazil is also a market the bank is targeting for growth.
Banga said the bank was eyeing annual growth of around 13 to 15 percent in these markets.
He said Europe’s slow growing economy meant acquisitions rather than organic growth was the key to increasing the bank’s scale.
Citigroup’s consumer division accounts for just under 40 percent of its overall business. Banga said the division was looking to grow to 50 percent of the bank’s business within the next four to five years.
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