Citi rules out selling stakes in Indian, Chinese banks: report

Updated on May 27, 2009 05:22 PM IST

Troubled financial services firm Citigroup, which was bailed out by the US government last year, has ruled out selling its stakes in Indian and Chinese banks, says a media report.

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PTI | By, London

Troubled financial services firm Citigroup, which was bailed out by the US government last year, has ruled out selling its stakes in Indian and Chinese banks, says a media report.

In an interview to the Financial Times, Citigroup's Asia-Pacific region Chief Executive Officer Ajay Banga ruled out selling the US group's stakes in Chinese and Indian banks.

He also said the bank, which was rescued by the US last year, also planned to expand lending across the region in spite of the "challenging" economic environment.

The Asia-Pacific region, which for Citi includes Japan and Australia, accounted for 30 per cent of the bank's revenues last year, spanning corporate and consumer lending, credit cards, trading and private banking, the report said.

"It is in US taxpayers' best interests that we continue to grow in a region which is delivering strong profits across all its business lines," the report quoted Banga as saying in the interview.

The FT report said his comments would serve as a counter to sceptics who believe that Citi would be forced to cut back its Asian operations amid domestic political pressure to focus on lending to US clients.

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