Citigroup Eyes European Expansion Despite Political Instability

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Citigroup (C.N) is poised to expand its business in Europe despite the continent’s political volatility, which has deterred investors, according to Ignacio Gutierrez-Orrantia, the bank’s new head for the region. In an interview with Reuters, Gutierrez-Orrantia, also known as Nacho, emphasized Citigroup’s ambition to climb to the top of the EMEA league tables for mergers and acquisitions (M&A) and equity capital markets (ECM). Currently, Citigroup ranks fourth and sixth in these categories, respectively, according to Refinitiv.

Gutierrez-Orrantia acknowledged that political uncertainties, such as upcoming elections in the UK and France, are creating investor apprehension. This instability recently led Italian luxury sports brand Golden Goose to delay its Milan listing plans due to deteriorating market conditions following the European Parliament elections and the calling of a general election in France.

“Despite the political volatility, this is an opportunity for us to advise our clients on navigating these uncertainties,” Gutierrez-Orrantia said. He sees potential opportunities arising from the current instability.

Gutierrez-Orrantia, who has been with Citi for 20 years, also took on the role of CEO of Citibank Europe, overseeing Banking, Markets, Services, and Wealth, along with maintaining relationships with European regulators. This move is part of Citi’s broader effort to address regulatory challenges and boost future profits amid an unsettled workforce following global layoffs.

Focusing on sectors such as technology, healthcare, and infrastructure, Citigroup aims to leverage its expertise to thrive in the European market despite the prevailing political challenges.

Source: REUTERS

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