Citi to expand in Brazil
US banking giant Citi plans to expand its Brazilian activities amid the expectation of stronger growth next year in Latin America's largest economy.
Citi is projecting an expansion of up to 9% in its lending to companies in 2019, daily O Estado de S. Paulo reported Marcelo Marangon, the head of Citi's Brazilian unit, as saying.
In 2016 Citi sold its retail operations in Brazil to local lender Itaú Unibanco and is now focused on corporate, investment and private banking. Citi's loan portfolio in Brazil stands at around US$13bn, according to the report.
Brazil's GDP growth is expected to accelerate from around 1.30% this year to about 2.5% next year on the back of president-elect Jair Bolsonaro's pro-market reforms.
The Citi executive also sees attractive capital market opportunities next year as many local firms are expected to issue shares and debt.
Marangon said he expects there to be up to 30 share offerings by local companies in 2019.
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