Citi to keep expanding in Asia; BankAm to cut branch network: report
28 Jul 2009
Citigroup Inc will continue expanding in Asia even as rival Bank Of America Corp is planning to reduce 10 per cent of its network, which currently stands at 6,100, the Wall Street Journal cited chief executives of both banks as saying.
The journal quoted Kenneth Lewis, chief executive of Bank of America Corp, as saying that the bank's plans were discussed at a meeting in Charlotte, North Carolina last Thursday. The paper did not elaborate.
The Journal also quoted Citi chief executive Vikram Pandit as saying that the bank would continue expanding its business in Asia, mainly in China and India.
Citi, which saw its balance sheet contract 25 per cent over the past one year, wouldn't retreat from the fast-growing Asian market, Pandit told Wall Street Journal in an interview.
He said Asia will have the largest share of global growth over the next 10 years and Citi was looking at a big chunk of that opportunity through its presence in trade finance, custody business and cross-border cash flows.
"The intra-Asia flows are going to grow exponentially," said Pandit.
