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Citi CEO approves banking regulation.

Global Banking News-1 February 2010-Citi CEO approves banking regulation(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 01 February 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The CEO of Citigroup, Inc (NYSE: C) has announced that bank regulations are proceeding in the right direction.

The CEO of Citigroup, Inc, Vikram Pandit, said that US president Barack Obama's plans to regulate banks in the country are proceeding in the right direction.

In a statement, Pandit said, 'We are quite aligned with the principals he set out. We think it's generally the right direct. It shouldn't be a surprise given what we've been doing at Citi for the past few years. We're 20 percent smaller in size as a bank. We've asked ourselves are we in client business or not-which we are-do these businesses belong with us or not, and if they don't we've sold them. It is an international industry. Level playing fields are really important around the world. Ultimately the G20 has to come together and call us around some set of rules. And if this is the direction they want to go in, I think that direction is generally fine with us.'

Pandit also said that he is expecting the government to sell its 27 per cent stake in the bank next year.

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Publication:Global Banking News (GBN)
Date:Feb 1, 2010
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