As African companies gain prominence, they need the services of committed and sophisticated pan-regional banks. In Africa, this year, Citi fulfilled that role better and more consistently than its rivals, despite other regional banks often having more assets in individual countries. Whether it was copper mines and breweries in Zambia, power companies in Kenya and Algeria, airlines in Ethiopia, consumer and energy firms in Nigeria, or the maintenance of facilities for platinum producers in South Africa, Citi has been there, often with innovative solutions. Nigerian examples include Citi’s $150 million remittances-backed loan in May for Skye Bank. Or its loan for small and medium-sized-enterprises financing, backed by a partial guarantee from the US Overseas Private Investment Corporation (Opic), for First City Monument Bank. In countries such as Nigeria – where Citi has branches from Kano in the north to Bonny Island and Port Harcourt in the south – the bank is the main training ground for some of the most talented and sought-after commercial bankers in the industry. |
