Citigroup Signals New Strategy for Expansion into Africa
Citigroup has given its strongest signal yet that Africa could feature in its global expansion strategy through acquisitions on the continent. The acquisitions would help build its transaction services business in Africa once the U.S. government has sold off its stake in the bank.
Francesco Vanni d’Archirafi, Citigroup’s chief executive officer of global transaction services, told reporters in Johannesburg today that “inorganic growth” could be one option to help build its business in Africa.
Citi’s global transaction business offers cash management and custody services to corporate clients.
The bank is about 12.4 percent owned by the U.S. government, after taking a record $45 billion in U.S. taxpayer funds during the financial crisis.`
Shares of Citi have been steadily moving higher over the past few weeks, as the U.S. government continues to unwind its stake in the company. A
At last check, shares were at $4.20, up 1 cent.