Citi focus on Indonesian growth in next few decades
(5 November 2012 – Indonesia) Citi Asia Pacific chief executive Stephen Bird said he expects Indonesia to play a bigger role in driving the world’s economy in the next 15 to 20 years, thanks to its emerging middle class.
"McKinsey estimated that by 2030 there will be 700 million new entrances to the middle class in Asia, 100 million of those are here in Indonesia," said Bird, referring to the McKinsey Global Institute, an international management consulting company.
Thus the United States bank expects to see more mandates to arrange loans, bonds and share sales in the Southeast Asian nation.
The report released by McKinsey in September showed that Indonesia, currently the world’s 16th-largest economy, had a gross domestic product of about US$846 billion (A$818 billion) last year.
McKinsey said Indonesia may add 90 million people to its "consuming class" by 2030, the most after China and India.
"We are committed to stay, we are not here just for transactions, we are here to build a relationship, we are here to help the economy."
On the investment side of banking, Citigroup’s main competitors in Indonesia include Barclays Capital, UBS AG, Deutsche Bank and Credit Suisse Group.
For consumer banking, Citigroup’s competitors include HSBC and Standard Chartered Bank.
The Indonesian government and the country’s corporations are seeking funds from the global market, with Citigroup potentially being able to help the government and companies arrange capital market deals such as debt sales or share sales.
Thus the United States bank expects to see more mandates to arrange loans, bonds and share sales in the Southeast Asian nation.
The report released by McKinsey in September showed that Indonesia, currently the world’s 16th-largest economy, had a gross domestic product of about US$846 billion (A$818 billion) last year.
McKinsey said Indonesia may add 90 million people to its "consuming class" by 2030, the most after China and India.
"We are committed to stay, we are not here just for transactions, we are here to build a relationship, we are here to help the economy."
On the investment side of banking, Citigroup’s main competitors in Indonesia include Barclays Capital, UBS AG, Deutsche Bank and Credit Suisse Group.
For consumer banking, Citigroup’s competitors include HSBC and Standard Chartered Bank.
The Indonesian government and the country’s corporations are seeking funds from the global market, with Citigroup potentially being able to help the government and companies arrange capital market deals such as debt sales or share sales.
Subscribe