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Banking giant United States (U.S.), says Citigroup will make banking operations in Asia as part of the plan of the group companies in the future.

This is encouraged because the net income from Citigroup Asia reaching USD2, 8 billion.Give the number of the 40 percent contribution to the company’s global revenues. In the semester I-2009 to record a profit of Citigroup USD4, 28 billion after the release several assets, including the Smith Barney broker.

“We have to do something good in the first two quarter of this year,” said Chief Executive Officer Vikram Pandit serperti cited Business Times in Singapore.

“Nevertheless, years ago we work hard to reduce the assets to almost 25 percent to reduce the risk is greater. This year we also USD16 billion spending cut,” added Pandit. Add Pandit, Citigroup will sell 20 units in the business sector in the financing of several branches in Europe. The plan is part of the restructuring the company to carry out the impact of corporate financial crisis.

The plan caused the movement of the market so that consumers have decreased the availability of funds also anjlok. “Nevertheless our financial position in July described the condition is strong,” said Pandit. As a consolidation effort in the middle of the global financial crisis, Citigroup perform various repairs to maintain them in the main business such as consumer banking, bank securities, and investment banks.

On the other hand, in order to strengthen the business investment in the sector, Citigroup announced yesterday appointed former HSBC Holding executive Joseph Chang as head of the securities division in Asia outside Japan and Australia. According to the Wall Street Journal, Chang will be responsible directly to the strategy and management in the securities and derivatives business in 16 countries in Asia.

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