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Citi's e-commerce, digital tie-ups boost Asia consumer revenues

Reuters  |  HONG KONG 

(Reuters) - Inc's tie-ups with e-commerce companies in such as ride-hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region, the boss of said.

Revenues at Citi's consumer division rose 3 percent in the third quarter from a year ago, helped by a 4 percent rise in credit card sales which was aided by partnerships with more technology-focussed firms, CEO Francisco Aristeguieta said in an internal memo to staff on Tuesday seen by Reuters.

"We now acquire one out of every four new cards online and over 46 percent of our credit card payments in China are now settled via partners," he said in the memo.

A spokesman in confirmed the content of the memo.

For Western banks, banking is a cheaper and faster way to grow in than traditional banking channels because they can offer loans, fund management and payment services via mobile Internet.

Citgroup, the fourth-biggest U.S. bank by assets, last week beat expectations for third-quarter net profit.

The U.S. bank last month added Grab and Lazada to its network of credit card partnerships, which include Alipay, the biggest online-payments platform in China, and Chinese messaging app WeChat.

(Reporting by Sumeet Chatterjee. Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Citi's e-commerce, digital tie-ups boost Asia consumer revenues

HONG KONG (Reuters) - Citigroup Inc's tie-ups with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region, the boss of Citigroup Asia said.

(Reuters) - Inc's tie-ups with e-commerce companies in such as ride-hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region, the boss of said.

Revenues at Citi's consumer division rose 3 percent in the third quarter from a year ago, helped by a 4 percent rise in credit card sales which was aided by partnerships with more technology-focussed firms, CEO Francisco Aristeguieta said in an internal memo to staff on Tuesday seen by Reuters.

"We now acquire one out of every four new cards online and over 46 percent of our credit card payments in China are now settled via partners," he said in the memo.

A spokesman in confirmed the content of the memo.

For Western banks, banking is a cheaper and faster way to grow in than traditional banking channels because they can offer loans, fund management and payment services via mobile Internet.

Citgroup, the fourth-biggest U.S. bank by assets, last week beat expectations for third-quarter net profit.

The U.S. bank last month added Grab and Lazada to its network of credit card partnerships, which include Alipay, the biggest online-payments platform in China, and Chinese messaging app WeChat.

(Reporting by Sumeet Chatterjee. Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Citi's e-commerce, digital tie-ups boost Asia consumer revenues

(Reuters) - Inc's tie-ups with e-commerce companies in such as ride-hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region, the boss of said.

Revenues at Citi's consumer division rose 3 percent in the third quarter from a year ago, helped by a 4 percent rise in credit card sales which was aided by partnerships with more technology-focussed firms, CEO Francisco Aristeguieta said in an internal memo to staff on Tuesday seen by Reuters.

"We now acquire one out of every four new cards online and over 46 percent of our credit card payments in China are now settled via partners," he said in the memo.

A spokesman in confirmed the content of the memo.

For Western banks, banking is a cheaper and faster way to grow in than traditional banking channels because they can offer loans, fund management and payment services via mobile Internet.

Citgroup, the fourth-biggest U.S. bank by assets, last week beat expectations for third-quarter net profit.

The U.S. bank last month added Grab and Lazada to its network of credit card partnerships, which include Alipay, the biggest online-payments platform in China, and Chinese messaging app WeChat.

(Reporting by Sumeet Chatterjee. Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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