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Citigroup division confident of growth

CITIGROUP Inc aims to double revenue at its lucrative global transaction services within six years, with China a key growth market, senior bankers told Shanghai Daily.

Citigroup's global transaction services, which includes cash management, trade finance and securities and fund services, posted a net income of US$834 million in the first quarter, close to half of Citigroup's total net income of US$1.6 billion in the period.

"Global transaction services is a key part of Citi's corporate business," said Francesco Vanni d'Archirafi, head of Citi's global transaction services. "We have a global market share of 3.5 percent now, and we target a 10-percent market penetration. To make it, we have to triple our top line."

The business posted net income growth of 34 percent to US$3 billion last year and 22-percent revenue growth to US$9.6 billion.

Vanni d'Archirafi, a 25-year Citi veteran, said he expects to accomplish the "ambitious goal" within nine years, or to double revenue within six years.

Vanni d'Archirafi was appointed head of global transaction services on April 14. This was his first interview with Chinese media since taking the position.

He said the financial crisis has helped make Citi's suite of treasury and trade solutions more relevant to clients as corporations are endeavoring to leverage working capital better while liquidity is tight. China stands out as one of the key growth markets for global transaction services, he said.

"China is an economy with great growth, and we want to be a top player here," Vanni d'Archirafi said.

The bank is riding on Chinese companies' growing overseas investments to sell its global network and cash-management platform.


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