Citigroup said to weigh acquisition of US regional bank to strengthen deposits and lending

Citigroup is reportedly exploring the acquisition of a US regional bank or brokerage, potentially one with assets around $500 billion or firms like Stifel and Raymond James, to significantly boost its deposits, expand its branch network, and strengthen lending operations. This potential move, which would require regulatory approval due to existing consent orders, is seen as a major strategic step under CEO Jane Fraser to better compete with rivals like JPMorgan and Bank of America. The consideration comes as Citigroup has freed up capital through recent divestitures, including the sale of its Russian subsidiary and a stake in its Mexican consumer banking arm, Banamex. Separately, the bank is also advancing its digital asset strategy, having developed infrastructure for Bitcoin custody and wallet services, and is exploring stablecoins and blockchain for modernizing cross-border payments.

(Source：Crypto Briefing)