Citigroup in pledge to keep grip on prize assets

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Citigroup's chief financial officer Gary Crittenden said the bank will hold on to assets in emerging markets as it focuses on faster-growing regions after receiving a £13 billion government cash injection.

Crittenden was responding to comments yesterday by Stephen Green, chairman of arch-rival HSBC, who said yesterday that he would consider buying the "right" assets from Citigroup in the event of a break-up or sale.

Green said: "We have a clear strategy to develop our business with a primary focus on emerging markets, and that means Asia, the Middle East and Latin America."

Analysts said HSBC is in a position to buy assets because it has avoided the funding strain that led other banks to be bailed out by the British government.

But Crittenden denied suggestions of a firesale: "From a capital standpoint there is no need for us to sell assets at this point, although we'll continue to work away on non-strategic assets," Crittenden said. "Our emerging markets franchise is the core of the company and our cash management network is the heart and soul of the enterprise."

Citigroup's chief executive Vikram Pandit said in May that the bank was launching a £330 billion disposal plan of "legacy assets".

However, investors criticised Pandit for not endorsing a break-up or sale. Instead, Pandit blamed his predecessors for Citigroup's woes.