Citibank grows in Europe

CITICORP'S corporate banking business in Europe grew to two thirds the size of its North American operations last year, according to its first geographical breakdown, writes Peter Rodgers.

Revenues in global finance business were dollars 1.5bn in Europe and dollars 2.3bn in the US. A year earlier, according to the annual report, the equivalent figures were dollars 1.3bn and dollars 2.2bn. Worldwide corporate banking revenues were dollars 6.2bn, producing profits of dollars 1.8bn before restructuring charges.

Citicorp said there was strong performance in foreign exchange and derivatives in Europe, growth in capital markets and customer volumes grew substantially.

Corporate banking is based in London but the business spreads throughout Europe.

The group has 500 branches in Europe, with operations in Germany, Greece, Spain and Belgium.