The head of Citigroup's Asian operations yesterday ruled out selling the US group's stakes in Chinese and Indian banks.
Ajay Banga, chief executive of Citi in Asia-Pacific, told the Financial Times that the bank, which the US government rescued last year, also planned to expand lending across the region in spite of the “challenging” economic environment.
The Asia-Pacific region, which for Citi includes Japan and Australia, accounted for 30 per cent of the bank's revenues last year, spanning corporate and consumer lending, credit cards, trading and private banking.
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