Citigroup
The Citigroup machine rumbles on. The US bank continues to be strong across the board, and continues to recognise the importance of a strong local presence. Its acquisition of Koram Bank in Korea has thrown off cash, and proved a model for its future expansion plans.
Indeed, its recent success in leading a consortium to buy a controlling stake in Guangdong Development Bank for $3.1 billion is another potentially transformational move. The fact that GDB has 500 branches underlines the serious local presence this bank will provide. And the fact Citi will be the first foreign bank to gain control of a domestic bank speaks volumes, and says a...
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