Friday, October 20, 2006
Citigroup: CEO denies plans for big European banking acquisition
Citigroup chief executive Chuck Prince yesterday said the US-listed bank is not looking for a large US or European banking acquisition, the Financial Times reported.
Prince said he was irritated at continuing speculation that Citigroup might make an offer for a large bank such as Societe Generale or Barclays. A report in The Times also carried Prince�s remarks regarding acquisitions.
Prince said Citigroup wants to reduce its dependence on the US. The CEO cited Citigroup�s recent acquisition of a 20% stake in Akbank, the Turkish bank, as an example of the type of deals he is looking for. Citigroup�s market capitalisation stands at USD 246.55bn.
SourceFinancial Times, The Times (London)"
Prince said he was irritated at continuing speculation that Citigroup might make an offer for a large bank such as Societe Generale or Barclays. A report in The Times also carried Prince�s remarks regarding acquisitions.
Prince said Citigroup wants to reduce its dependence on the US. The CEO cited Citigroup�s recent acquisition of a 20% stake in Akbank, the Turkish bank, as an example of the type of deals he is looking for. Citigroup�s market capitalisation stands at USD 246.55bn.
SourceFinancial Times, The Times (London)"
