The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Citigroup waits to pounce in Japan

It has been more than seven months since Bank of America bought FleetBoston, and almost six since JPMorgan Chase and Bank One announced their deal. But still Citigroup hasn?t pounced, confounding those who were sure that the world?s largest bank would feel compelled to join the rush to build a national retail franchise in its home market.

Too many, it seems, were so deafened by the noise about US bank mergers that they didn?t hear what Citigroup was saying. As one senior Citigrouper told Euromoney at the start of the year, the US is not where the bank?s executives think the best acquisitions are to be had. ?The best growth prospects come from outside the US, and that?s where you?ll be more likely to see us make a move.?

For a bank with operations in 100 countries, that doesn?t offer much of a guide to Citi?s next move. But some investors and analysts now think enough hints have been dropped for them to have a pretty good idea of where its next big acquisition will be: Japan.

Getting investors comfortable

Sir Deryck Maughan, CEO of Citigroup International, discussed it at an investor meeting in Mexico City last month organized by UBS?s US financial services analyst Glenn Schorr.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree