Citigroup Spells Out European Growth Plan

February 22, 2001

Citigroup plans to focus its European expansion on corporate and investment banking as well as wealth management services, the Financial Times reported Wednesday.

“There are lots of opportunities in investment banking, especially if Europe moves to more cross-border mergers and acquisitions,” Chairman and Chief Executive Sandy Weill told the paper.

Weill said at a two-day meeting of Citigroup’s management committee in London that the company was targeting affluent investors who have not yet graduated to the major league of private banking.

However, he said retail banking and insurance would not be priorities, though the group could sell other companies’ insurance products.

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