Citigroup Chasing Growth in Emerging Markets as Rivals Retreat

Citigroup Chasing Growth in Emerging Markets as Rivals Retreat

Citigroup Inc. plans to deepen its corporate banking presence in developing countries from Russia to South Africa even as some rivals decamp to focus on their home markets.Citigroup has overhauled its business in eastern Europe, the Middle East and Africa to focus on emerging economies. The third-largest U.S. bank is betting unprecedented deal opportunities will follow the economic slump caused by the coronavirus pandemic, weak oil prices and political uncertainty.