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Citigroup (C) Aims to Increase Revenues at Brazilian Unit
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Per Reuters, Citigroup (C - Free Report) is seeking to bolster revenues in Brazil by lending advice on public asset sales and through a revival in capital markets. The article reported that Citigroup’s chief executive officer in Brazil, Marcelo Marangon, expects revenues to grow to $1.5 billion in the next few years.
Notably, the company has started to make preparations toward achieving this goal. Bankers at its Brazilian investment banking division are currently targeting the largest asset sales and are planning to compete for mandates in the deals.
Stakes held by state-owned banks, such as development bank BNDES and Caixa Economica Federal, are expected to be the quickest government asset sales.
Furthermore, Citigroup is seeking to strengthen its commercial banking division by doubling assets in the unit by 2020. It has about 5 billion reais ($1.34 billion) in assets, which increased 27% in 2018 on account of rise in demand due to economic recovery.
Also, Citigroup’s long time CFO, John Gerspach is stepping down from his position next month and will to be replaced by Mark Mason,CFO of the institutional clients group. At a recently held financial conference, Gerspach said that the bank has scope to boost returns by investing in treasury services and private-bank offerings.
He also said that Citigroup aims to achieve a return on tangible common equity of more than 13.5% in 2020.
Notably, the bank, with the help of its restructuring moves, has been able to put its troubled past behind. Further, we anticipate that its streamlining initiatives will boost its capital position, reduce expenses and drive operational efficiency.
Over the past three months, shares of Citigroup have gained 2.8% against slight decline recorded by the industry.
M&T Bank Corporation (MTB - Free Report) has witnessed nearly 1% upward estimate revisions for current-year over the past 30 days. Moreover, this Zacks #2 Ranked (Buy) stock has rallied more than 2% in the past three months.
First Business Financial Services (FBIZ - Free Report) has witnessed slight upward estimate revisions for current-year over the past 30 days. Further, the company’s shares have gained around 9% over the past three months. At present, it holds a Zacks Rank of 2.
Camden National Corporation (CAC - Free Report) has witnessed 1.4% upward estimate revisions over the past 30 days. Additionally, the stock has jumped around 8% in the past three months. It currently carries a Zacks Rank #2.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
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Citigroup (C) Aims to Increase Revenues at Brazilian Unit
Per Reuters, Citigroup (C - Free Report) is seeking to bolster revenues in Brazil by lending advice on public asset sales and through a revival in capital markets. The article reported that Citigroup’s chief executive officer in Brazil, Marcelo Marangon, expects revenues to grow to $1.5 billion in the next few years.
Notably, the company has started to make preparations toward achieving this goal. Bankers at its Brazilian investment banking division are currently targeting the largest asset sales and are planning to compete for mandates in the deals.
Stakes held by state-owned banks, such as development bank BNDES and Caixa Economica Federal, are expected to be the quickest government asset sales.
Furthermore, Citigroup is seeking to strengthen its commercial banking division by doubling assets in the unit by 2020. It has about 5 billion reais ($1.34 billion) in assets, which increased 27% in 2018 on account of rise in demand due to economic recovery.
Also, Citigroup’s long time CFO, John Gerspach is stepping down from his position next month and will to be replaced by Mark Mason,CFO of the institutional clients group. At a recently held financial conference, Gerspach said that the bank has scope to boost returns by investing in treasury services and private-bank offerings.
He also said that Citigroup aims to achieve a return on tangible common equity of more than 13.5% in 2020.
Notably, the bank, with the help of its restructuring moves, has been able to put its troubled past behind. Further, we anticipate that its streamlining initiatives will boost its capital position, reduce expenses and drive operational efficiency.
Over the past three months, shares of Citigroup have gained 2.8% against slight decline recorded by the industry.
Currently, Citigroup carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
M&T Bank Corporation (MTB - Free Report) has witnessed nearly 1% upward estimate revisions for current-year over the past 30 days. Moreover, this Zacks #2 Ranked (Buy) stock has rallied more than 2% in the past three months.
First Business Financial Services (FBIZ - Free Report) has witnessed slight upward estimate revisions for current-year over the past 30 days. Further, the company’s shares have gained around 9% over the past three months. At present, it holds a Zacks Rank of 2.
Camden National Corporation (CAC - Free Report) has witnessed 1.4% upward estimate revisions over the past 30 days. Additionally, the stock has jumped around 8% in the past three months. It currently carries a Zacks Rank #2.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>