Financial Daily from THE HINDU group of publications
Saturday, Oct 15, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 15, 2005 |
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Foreign Banks Money & Banking - Foreign Banks Citigroup to focus on organic growth — Dedicates financial literacy centre to Indian School of Microfinance for Women Our Bureau
SHOWING THE WAY: Mr Charles Prince, CEO, Citigroup Inc, with Ms Ela Bhatt, Founder of SEWA and Chairperson of the Indian School of Microfinance for Women, at a press conference in Mumbai on Friday. - Paul Noronha
Mumbai , Oct. 14 GLOBAL financial services company Citigroup will focus on organic growth rather than exploring the takeover route in India, Mr Charles Prince, Chief Executive Officer, Citigroup, said here on Friday. Mr Prince, who is on a visit to India, told reporters that the group is focused on organic growth, both in banking and non-banking areas. Inorganic growth, whether in India or elsewhere, would only supplement the company's growth plans, he said. Mr Prince was talking to the media after dedicating the Citigroup Centre for Financial Literacy to the Indian School of Microfinance for Women. Asked about his views on the regulations regarding ownerships of banks in India, he said, "We are very respectful of the roadmap here, which has some significant limitations on foreign ownership of banks." This is the first time in the last five years a Citigroup CEO is visiting India. Mr Prince had met the Prime Minister, Dr Manmohan Singh, and the Finance Minister, Mr P. Chidambaram, in Delhi on Thursday. He also met the RBI Deputy Governor, Mr Rakesh Mohan, in Mumbai today. He said he had not discussed the issue of ownership of banks in India with them. Mr Prince said India is one of the highest growth regions for Citigroup. "We are very bullish on our prospects in India. We retain all our earnings from here in the country and bring in capital from time to time," he said. Mr Prince said most people (overseas) are bullish on the Indian economy. They have a feeling that there are a lot of strong dynamics, which support the growth of the Indian economy, and almost all of them look at long-term growth prospects. Asked whether he saw any significant investor swing against or in favour of the US dollar, he said money was chasing all kind of assets because there was too much liquidity. "I don't think you are going to see a flight away from or toward the dollar.'' Responding to a query on comparative business outlook for China and India, Mr Prince said it was a mistake to compare the two countries or say which one of the two is better. He said he expected Asian markets to be the fastest growing for Citigroup in 2006. Responding to a question on the growth of the group's business outside the US, he said contribution of non-US markets to Citigroup's business could rise to 50 per cent over the next 5 years from around 40 per cent now.
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