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Best Global emerging markets bank: Citi |
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Also nominated: HSBC and Standard Chartered |
Citi has always claimed to be a strong emerging markets player; after all it has a presence in more countries than any other bank. But the numbers always told a different story: over 50% of its earnings came from the US and western Europe. Now that balance is changing – and what that means should not be underestimated.
In the 12 months to the end of March, 65% of Citi’s earnings before taxes came from the emerging markets, compared with 44% a year ago.
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