Moving on with the restructuring moves, banking giant Citigroup C will expand its commercial banking business in the Nordics, covering Sweden, Norway, Denmark and Finland. The move comes on the heels of the rising needs of clients amid the coronavirus pandemic and opportunities foreseen in the fast-growing digital world.
Further, the commercial banking business is likely to augment the bank’s current Banking, Capital Markets & Advisory business which has operations in the Nordics since the 1970s.
Per Citigroup’s plans, Marieve Gauthier has been appointed as Nordic Head of Commercial Banking with immediate effect and is expected to take the business to new highs based on the belief of his experience in the financial world. Marieve joined Citigroup in 2011 and was most recently serving as the director and senior banker in the U.S. CCB business and acting as a leader in the Non-profit Industry Group in the Mid-Corporates Segment.
Notably, commercial banking in the Nordics provides services to the middle-market segment of traditional industries, along with the digital sector. Therefore, being the most famous global bank in the Nordics and having operations in more than 100 countries, the expansion of commercial banking business will enhance Citigroup’s global network and international competencies.
Moreover, these factors would differentiate the bank from its peers and aid in being competitive even for the fast-growing digital and FinTech companies, which are scaling their businesses globally.
Raymond Gatcliffe, EMEA head of CCB commented, “We believe that this is the right time to expand our offering in the Nordic market, and allow our clients access to Citi’s truly global network. We are firmly committed to servicing this market, and I have no doubt that Marieve’s experience both within Citi as well as the industry more generally, makes her the perfect candidate to lead this business going forward.”
Our Take
Citi continues to execute growth strategies, such as bolstering position in the booming digital industry and expanding its global market presence, thereby aiming to diversify revenue sources. Also, prudent expense management and inorganic expansion strategies keep us encouraged.
However, pending litigation issues might flare up legal expenses.
The company has gained 30.3% in the past three months compared with 10.8% growth recorded by the industry. The stock carries a Zacks Rank #3 (Hold), at present.
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