Citigroup 'wants more overseas profits'

9 October 2006

US-based financial giant Citigroup has said that it wants to increase the proportion of its earnings made outside of the United States, prompting speculation that it may acquire new businesses abroad, according to press reports.

The Financial Times reports the bank's chief executive Charles Prince saying that he would like to see the percentage of profits from overseas increase from 45 per cent to 60 per cent, lowering its reliance on the home market.

He also admitted that he was facing growing criticism over the lack of growth and increasing costs currently being experienced by Citigroup, with many investors interested to see what his next move will be.

"People want faster results. Great. I want faster results," said Mr Prince, according to the Financial Times.

"But the reality is you cannot change a place this big in six months.

"We are on the cusp of the organic growth showing through. I feel very confident about that. We are also getting back in the deal business."

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