Citi's e-commerce, digital tie-ups boost Asia consumer revenues
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
A Citigroup office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
HONG KONG (Reuters) - Citigroup Inc's (NYSE: C) tie-ups with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region, the boss of Citigroup Asia said.
Revenues at Citi's Asia consumer division rose 3 percent in the third quarter from a year ago, helped by a 4 percent rise in credit card sales which was aided by partnerships with more digital technology-focussed firms, Asia CEO Francisco Aristeguieta said in an internal memo to staff on Tuesday seen by Reuters.
"We now acquire one out of every four new cards online and over 46 percent of our credit card payments in China are now settled via digital partners," he said in the memo.
A Citigroup spokesman in Hong Kong confirmed the content of the memo.
For Western banks, digital banking is a cheaper and faster way to grow in Asia than traditional banking channels because they can offer loans, fund management and payment services via mobile Internet.
Citigroup, the fourth-biggest U.S. bank by assets, last week beat expectations for third-quarter net profit.
The U.S. bank last month added Grab and Lazada to its network of credit card partnerships, which include Alipay, the biggest online-payments platform in China, and Chinese messaging app WeChat.
(Reporting by Sumeet Chatterjee. Editing by Jane Merriman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Liberty Mutual to Acquire Ironshore from Fosun for ~$3 Billion
- Teva Pharma (TEVA) Appoints New Global Generic Medicines Group CEO; FY16 Guidance Affirmed
- Stranded money: Investors can face peril when ETNs delist
Create E-mail Alert Related CategoriesReuters
Related EntitiesCiti, Merriman Curhan Ford, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!