Andres Gonzalez
LONDON (Reuters) – Citigroup is looking to expand in Europe despite political unrest on the continent spooking investors, the bank’s new European head Ignacio Gutierrez Orrantia told Reuters in an interview.
The US bank, which last year carried out its biggest restructuring in decades, is currently fourth in the EMEA league table for M&A and sixth in equity capital markets (ECM), according to Refinitiv.
“Our ambition is to be number one, even if it takes three, four or five years. We are committed to reaching the top,” said Gutierrez Orrantia, known as Nacho.
However, he noted that “volatility and uncertainty due to upcoming elections in the UK and France are causing doubts among investors.”
Italian luxury sportswear brand Golden Goose on Tuesday postponed plans for a listing in Milan, citing a significantly weakened market environment following this month’s European Parliament elections and general elections in France.
“From a business perspective, this is also an opportunity for us to speak to our clients and advise them on how to navigate this volatile situation more effectively,” Gutierrez Orrantia said.
“With all this political uncertainty in Europe, opportunities may arise,” he added.
Gutierrez Orrantia, head of the European cluster and European banking division, also became CEO of Citibank Europe on Thursday.
He will oversee the bank’s European operations (banking, markets, services and wealth management) and its relationships with European regulators.
Citi is grappling with a precarious workforce after cutting thousands of jobs around the world and is stepping up efforts to resolve regulatory issues in the United States as it seeks to boost future profits.
The company faces regulatory challenges related to its so-called living will, which details how it would break up if it filed for bankruptcy, and is also dealing with fines imposed by regulators in 2020.
Gutierrez Orrantia, a 20-year veteran of Citi, said the bank would focus on technology, healthcare and infrastructure deals, particularly in Europe.
(Reporting by Andres Gonzalez; Editing by Anousha Sakoui and Kirsten Donovan)
