Citibank in growth bid

CITIBANK expects an expansion drive in Africa to increase its business on the continent by about a quarter in the next two to three years, its regional chief executive has said.

CITIBANK expects an expansion drive in Africa to increase its business on the continent by about a quarter in the next two to three years, its regional chief executive has said.

Together with Europe and the Middle East, the bank's business in Africa contributed around 38percent of the group's net income in 2008.

Over the next two to three years, the effect of the bank's expansion in Africa will be very significant, said Naveed Riaz on Friday.

"It could lead to the expansion of our business by something in the range of 20-25percent," he said.

He said the bank's plans include setting up operations in three additional countries in the next year, subject to regulatory approval. - Reuters

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