Citigroup continues to invest in Kazakhstan, drive market share, revenue growth
Jul 9, 2018 9:54 am
Citigroup, one of the first international banks to enter the Kazakh market, is marking its 25th anniversary in the country
James Cowles, Citi Chief Executive Officer for Europe, Middle East and Africa , said: “The Citigroup franchise has established itself as the most reliable corporate bank in the country and become the mainstay for the vast majority of international corporations operating in Kazakhstan. As of April, Citibank Kazakhstan ranks first in payment volumes, seventh among Kazakh banks in capital (142.03 billion tenge (US$414 million)) and 11th by assets with a 30.1 billion tenge (US$87 million) increase since the beginning of the year”.
Citigroup has branches in Almaty and the capital and representative offices in Aktau and Atyrau.
“We continue to build on our strategy of sustainable, targeted investments to drive increased market share and revenue growth. We are focused on being the best for our clients. We focus on innovation and are using technology to enhance our capabilities, improve the experiences of our clients and to lower our costs,” said Cowles.
The bank serves multinational companies, emerging market champions, the public sector, institutional investors and an ultrahigh network of EMEA households.
“We recently opened a new office in Saudi Arabia, where their Vision 2030 plan is especially ambitious and exciting. I expect significant growth in the banking sector in the Middle East and Africa in the coming years. We also see growth potential in Western Europe and it’s another area of focus in our EMEA priorities,” he added.
Last year was a strong one in investment banking. Citigroup significantly improved its wallet share in mergers and acquisitions (M&A) and equity capital markets (ECM).
Kazakhstan plays a pivotal role in the Belt and Road Initiative (BRI), as one of the key BRI pillars – the Eurasian land bridge – is being developed almost entirely in Kazakhstan.
“The country has become host of the largest dry port in the world, located in Khorgos, which will help bridge the railway systems of China and Kazakhstan and the rest of Eurasia and Europe, leading to a significant reduction in the shipment cycle for international trade”.
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