Citigroup, the largest financial services group in the US, plans to increase its market shares in countries outside the US. | |
| It plans to capitalise on its strengths, particularly the established global footprint to capture greater market shares in non-US markets. |
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| Outside the US, it has a double digit market share only in Mexico. Its share in the Indian banking market is also very small, given the fact that all foreign banks together have a market share of 7 per cent. |
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| Sallie Krawcheck, chief financial officer of Citigroup, said, "We have small market shares in countries outside the US. For non-US growth we will work on our strengths in markets where we have presence." |
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| Krawcheck is on her second visit to India in less than a year, which she says is indicative of the importance Citigroup accords to the country. |
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| Citigroup recently bought close to 13 per cent stake in the country's largest mortgage lender, the Housing Development and Finance Corporation (HDFC). |
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| She maintained that the investment in HDFC was a financial investment as Citigroup felt "very good" about the company. |
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| On interest rate spreads across markets, she said spreads are better and wider in a number of markets, but India is a very competitive market. |
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| Citigroup has on its rolls in India over 16,000 people and claim to provide indirect employment to another 29,000 people. |
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| Non-US markets contribute about 50 per cent Citigroup's global earnings. |
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| On the recent fall in equity markets, Krawcheck said, "We have a longer term perspective. Indian economy is poised to grow for many decades. There will be cycles in financial services. As the economy does well, financial services sector is also expected to grow much faster." |
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| She said when markets are down, Citigroup finds terrific opportunities for making investments. |
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