Citigroup is on the lookout for acquisitions in Germany and could swoop on a big bank, its local head told Reuters in an interview.
“We are watching the German market very carefully, both locally and globally,” said Sue Harnett, Citi’s head of German operations. “All eyes are looking for good opportunities.”
News that one of the world’s biggest banks could buy big in Germany will surprise some industry watchers, who had said they believed Citi’s cost shake-up ruled it out of a megadeal in Europe’s biggest economy.
Harnett also said that cut-throat competition among lenders had depressed overall revenues last year, with no let-up in sight. But she added Citi’s recent decision to cut costs across the group would not hinder it from making a large buy.
“You have to separate the cost review with mergers and acquisitions (M&A),” she said. “The corporation I work for is very skilled at M&A. We are a big bank. We have lots of money.”