February 18, 2019 / 3:47 PM / a month ago

Citi to double Brazil commercial bank unit's assets by 2020

SAO PAULO, Feb 18 (Reuters) - Citigroup Inc plans to double its Brazilian commercial banking unit’s assets by 2020, thanks to growth in loans to mid-sized companies, department head Antonio Rubens told journalists on Monday.

The bank’s commercial unit has roughly 5 billion reais ($1.34 billion) in assets, out of 75 billion reais for Citi’s Brazilian operation as a whole, most of it dedicated to larger corporations.

Rubens said those assets jumped by 27 percent in 2018 as an economic recovery increased demand. Deposits grew 10 percent to 3 billion reais.

Citi is targeting firms with between 200 million and 1.8 billion reais in revenues, he said.

This move underscores a shift in Citi’s strategy in Brazil toward wholesale activities after selling its retail assets there to Itaú Unibanco Holding SA for 710 million reais.

$1 = 3.7294 reais Editing by Bernadette Baum

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