Emerging mkts to rule Citi: Vikram Pandit
Global banking major Citigroup expects majority of its businesses to come from emerging markets including Asia, its Chief Executive Vikram Pandit has said.
Speaking to British daily 'Financial Times', India-born Pandit said Citi is set to glean majority of its business from emerging markets with Asian and Latin American consumers as well as trade between those regions and Africa driving growth.
Citi has good presence in India.
According to Pandit, Citi took nearly 50 per cent of its business from emerging markets and that their business is doing well as Asia's growth was intact despite the slowdown in China.
Emergence of new corporate champions outside the developed world and their trade and investment in other emerging markets is likely to help the bank. This will see the share of its business from emerging markets increase from near 50 per cent, where it stands currently, to become the majority, he added.
"When you look at our business, the biggest growth trend is in our ability and our requirement to serve those emerging-market multinationals in the way we used to serve and continue to serve some of the developed-market multinationals," Pandit said.
The report said Citi likes to point out that in some periods, such as the recent second quarter, profits in Asia alone have outstripped the global earnings of pure investment banks such as Morgan Stanley and Goldman Sachs.
Meanwhile, Pandit dismissed the idea that big banks need to be split.
As per the daily, Pandit has "knocked back the idea of big banks being split up after calls
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