Economics
Citigroup Sees Mideast, Africa Revenue Growth Even as Oil Weighs
- Markets, cash management, advisory work are boosting income
- Bank’s emerging markets cluster to contribute 10% of profit
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Citigroup Inc. expects revenue from its Middle East and Africa business to keep growing this year even as lower oil prices and political uncertainty weighs on the region.
“We typically do much better than the economic growth rate, given our business model,” Atiq Rehman, chief executive officer of Citigroup’s new EMEA emerging markets cluster, said in an interview. “I am cautiously optimistic on emerging markets” and falling interest rates in the U.S. will be positive overall.