CITI Bank CEO for EMEA Visits Tanzania

CITI Chief Executive Officer for Europe, Middle East and Africa Mr Jim Cowles together with Ade Ayeyemi, Chief Executive Officer for Sub Saharan African visited Tanzania this week.

During their visit they met with Tanzania’s Vice President Dr. Mohamed Gharib Bilal and the Governor of the Bank of Tanzania Professor Benno Ndulu, as well as CITI’s clients in Tanzania.

When interviewed by TanzaniaInvest.com about the reason for this visit Mr Cowles explained:“ CITI has offices in 102 countries globally and in 55 countries in EMEA. When we look at where we thing there will be growth, we look at Russia, Turkey, U.A.E., Nigeria, but we also look at the East African Community. This represents an incredible mass in term of the size of the market.”

In relation to CITI’s plans to expand in other Sub Saharan countries Mr Ayeyemi stressed: “Our presence in Africa goes beyond our physical presence with office, via our network of so-called Non-Presence Countries, where we commit capital to opportunities.”

When asked about CITI’s focus and ambitions in Tanzania Mr Cowles commented: “Tanzania is a market where we have been for 18 years and it’s a country that very much fits with our model. As we focus on the next couple of years and where we see growth, this is where we think it’s going to happen.”  

In relation to the timeframe for the Eurobond offering for which CITI has been mandate by the Government of Tanzania, Mr Joseph Carasso Junior, Managing Director of CITI Tanzania commented:“ CITI is much honored to have been mandated by the Government of Tanzania as their advisors and lead arrangers for obtaining a sovereign rating with the ultimate goal of accessing the international capital markets. No timing or specific transaction has been agreed, and we will make relevant market announcements as and when appropriate.”  

CITI’s visit to Tanzania is part of a trip to a number of selected markets in Africa where the bank operates that include Kenya, South Africa, Nigeria and Gabon.