Citi to double Brazil commercial bank unit's assets by 2020
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren -
SAO PAULO (Reuters) - Citigroup Inc plans to double its Brazilian commercial banking unit's assets by 2020, thanks to growth in loans to mid-sized companies, department head Antonio Rubens told journalists on Monday.
The bank's commercial unit has roughly 5 billion reais ($1.34 billion) in assets, out of 75 billion reais for Citi's Brazilian operation as a whole, most of it dedicated to larger corporations.
Rubens said those assets jumped by 27 percent in 2018 as an economic recovery increased demand. Deposits grew 10 percent to 3 billion reais.
Citi is targeting firms with between 200 million and 1.8 billion reais in revenues, he said.
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This move underscores a shift in Citi’s strategy in Brazil toward wholesale activities after selling its retail assets there to Itaú Unibanco Holding SA for 710 million reais.
($1 = 3.7294 reais)
(Editing by Bernadette Baum)