Chile
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Citigroup to double company market share by 2006

Bnamericas Published: Wednesday, June 04, 2003
US-based financial services giant Citigroup (NYSE: C) aims to more than double its market share in the Chilean company loan segment in the next three years to 7%, compared to today's 3% participation, Citibank Chile's company lending manager Rodrigo Sprohnle was quoted by local financial daily El Diario as saying. Sprohnle said the bank expects to grow its Chilean corporate loan portfolio 30% this year if the economy continues to perform as it did in the first quarter. Citibank Chile has been able to increase its company lending during the last 18 months despite an overall slowdown in the local sector. The bank has also won new company clients following several large-scale bank mergers in Chile over the last couple of years, he said. Citigroup's global presence in more than 100 countries gives it an competitive advantage among Chilean companies dedicated to exporting, Sprohnle said, adding the upcoming free-trade agreement between Chile and the US should also have a positive effect on the Chilean economy and foreign trade financing in the medium-term.

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