Citi EMEA chief promises big things for Africa

|By:, SA News Editor

Under particular pressure this year because of its exposure to emerging markets, Citigroup (C) isn't shying away from boosting investment in Africa. "We're counting on Africa to be a major contributor," says EMEA chief Jim Cowles, boasting of "a new strategic plan for sub-Saharan Africa."

Citi isn't alone: Barclays last month said it plans to extend brokerage, trading, and other services available in South Africa to the rest of the continent, while UBS' wealth management division is targeting clients in oil-rich Nigeria and Angola.

Cowles' comments come as Citi CEO Corbat has recently said the bank should no longer be expected to be everything to everyone everywhere. Corbat, of course, was CEO for EMEA before being elevated to the top job at the bank.