Citigroup could consider acquisitions to help build its transaction services business in Africa once the U.S. government has sold off its stake in the bank, a top executive said on Monday.
Francesco Vanni d’Archirafi, Citigroup’s chief executive officer of global transaction services, told reporters in Johannesburg 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.
Source: BusinessDay
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