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VENTURES AFRICA – US-based lender, Citigroup has revealed plans to invest in Africa as it eyes mergers and acquisition (M&A) deals across key markets in sub-Saharan Africa.
According to Jim Cowles, CEO for Europe, Middle East and Africa, Citigroup has developed a new strategic plan for sub-Saharan Africa, with Nigeria, South Africa and East Africa listed as priority investment destinations, Business Daily reported.
“On the growth in EMEA, we’re counting on Africa to be a major contributor,” he said.
Sub-Saharan Africa is increasingly attracting greater foreign portfolio investment, owing to a strong economic outlook with growth averaging an impressive 6 percent, one of the fastest in the world.
Citigroup, the third largest lender in the US is joining a rising pool of international investor, which includes swizz wealth manager UBS AG and Barclays bank.
UBS, the world’s biggest fund manager is seeking wealthy clients in Nigeria and Angola to provide wealth management services, while Barclays plans to expand its equity trading and brokerage services to unexplored African markets as it seeks to boost revenue streams.