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Citi (C) Ups Debt Sales Arranging Ability With Additional Hiring
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Citigroup Inc. (C - Free Report) is seeking to fortify its presence across Africa in a bid to expand its debt sales arranging capabilities in the region. In line with this, the company is eyeing to hire additional 100 employees to its businesses, according to a Bloomberg article.
Notably, the bank has already started recruiting employees at its local operations and expects the headcount in sub-Saharan Africa to increase about 10% from nearly 900. The company has also established a new corporate finance and structuring unit. This will likely help attract businesses from international development institutions.
While the pandemic resulted in moderation of activities, bond issuance across sub-Saharan Africa’s capital markets has significantly improved recently. In fact, volumes raised this year are already on track to match the 2018 levels, with more than $16 billion sold thus far, according to the article that cited data compiled by Citigroup.
In fact, attractive pricing is spiking foreign investor’s interest, offering borrowers better opportunities to manage maturity schedules and alleviate refinancing pressures. The governments of Ghana, Senegal, Benin and Kenya have all waded into the debt market this year.
Citigroup aside, a number of other companies are capitalizing on the favorable trend. Markedly, Goldman Sachs (GS - Free Report) has also resorted to additional hiring to expand its foothold in the region through its South Africa unit.
Hence, with activities resuming in the Africa markets, such timely expansion moves by the company will enable it to tap benefits of the economic recovery.
Markedly, the company has been undertaking streamlining efforts along with investments in the core businesses. For instance, in April, it announced a major strategic action, whereby the Global Consumer Banking segment will exit 13 markets, including Australia, Bahrain, China, India and Indonesia. With the move, Citigroup seeks to focus more on operations in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London.
Over the past 30 days, First Financial Bankshares, Inc.’s (FFIN - Free Report) earnings estimates have been unchanged for the current year at $1.53. The company carries a Zacks Rank #2 (Buy) at present.
Guaranty Bancshares Inc.’s (GNTY - Free Report) earnings estimates for 2021 have been unchanged in a months’ time at $3.06. The company carries a Zacks Rank #2 at present.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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Citi (C) Ups Debt Sales Arranging Ability With Additional Hiring
Citigroup Inc. (C - Free Report) is seeking to fortify its presence across Africa in a bid to expand its debt sales arranging capabilities in the region. In line with this, the company is eyeing to hire additional 100 employees to its businesses, according to a Bloomberg article.
Notably, the bank has already started recruiting employees at its local operations and expects the headcount in sub-Saharan Africa to increase about 10% from nearly 900. The company has also established a new corporate finance and structuring unit. This will likely help attract businesses from international development institutions.
While the pandemic resulted in moderation of activities, bond issuance across sub-Saharan Africa’s capital markets has significantly improved recently. In fact, volumes raised this year are already on track to match the 2018 levels, with more than $16 billion sold thus far, according to the article that cited data compiled by Citigroup.
In fact, attractive pricing is spiking foreign investor’s interest, offering borrowers better opportunities to manage maturity schedules and alleviate refinancing pressures. The governments of Ghana, Senegal, Benin and Kenya have all waded into the debt market this year.
Citigroup aside, a number of other companies are capitalizing on the favorable trend. Markedly, Goldman Sachs (GS - Free Report) has also resorted to additional hiring to expand its foothold in the region through its South Africa unit.
Hence, with activities resuming in the Africa markets, such timely expansion moves by the company will enable it to tap benefits of the economic recovery.
Markedly, the company has been undertaking streamlining efforts along with investments in the core businesses. For instance, in April, it announced a major strategic action, whereby the Global Consumer Banking segment will exit 13 markets, including Australia, Bahrain, China, India and Indonesia. With the move, Citigroup seeks to focus more on operations in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London.
Shares of this Zacks Rank #3 (Hold) company have gained 34% over the past year compared with the industry’s growth of 62.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Better-Ranked Stocks to Consider
Over the past 30 days, First Financial Bankshares, Inc.’s (FFIN - Free Report) earnings estimates have been unchanged for the current year at $1.53. The company carries a Zacks Rank #2 (Buy) at present.
Guaranty Bancshares Inc.’s (GNTY - Free Report) earnings estimates for 2021 have been unchanged in a months’ time at $3.06. The company carries a Zacks Rank #2 at present.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>