Citigroup continues investments in EMEA region’s treasury, trade solutions

  • Date: 05-Jul-2020
  • Source: Daily News Egypt
  • Sector:Economy
  • Country:GCC
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Citigroup continues investments in EMEA region’s treasury, trade solutions

The Middle East might come out of the recession caused by the novel coronavirus (COVID-19) pandemic later than some other parts of the world. However, many regional economies will continue diversification efforts, according to David Livingstone, CEO of Europe, Middle East and Africa (EMEA) at Citigroup.

Livingstone said that most experts expect a sharper recovery in the Middle East region in 2021, which is slowing down somewhat. Citi believes that the global recovery may also shift over time.

"I think digitalisation of financial services has big growth opportunities, and we anticipate the EMEA region will be a market leader in transaction services in treasury management, and we will continue to invest in these types of activities to achieve growth across the region,“ Livingstone said.

He further noted, "We see differences in Africa, as the combination supporting international and local companies and sovereigns that balance in the present have been changed by COVID-19. We also see distinctions, because we do have local currency domestic balances raising deposits in domestic currencies which give local stability. I think this is an area we can continue to remain active in. Besides, I do not think that we will change target markets, but we will see changes in