Citigroup Inc. is set to announce a partnership with an Indian bank to finance female entrepreneurs managing small-scale businesses in India. This collaboration is a part of Citigroup's wider initiatives to provide funding to various enterprises, including automotive manufacturers, parts suppliers, and businesses spanning Asia, Central America, and other global regions. Jane Fraser, the CEO, revealed at the Asia-Pacific Economic Cooperation conference in San Francisco their plan to provide funding to more than 300,000 rural female entrepreneurs in India. This financial aid aims to foster the expansion of their small enterprises and boost their engagement in global trade. Fraser did not disclose the specific name of the Indian bank involved in this collaboration.
Fraser underscored Citigroup's global presence in 160 nations, emphasizing its dependence on trade and supply chains. She acknowledged recent challenges due to geopolitical and macroeconomic disruptions affecting the sourcing and movement of manufactured goods. Fraser cited Citigroup's recent financial backing for a Korean company's auto parts plant in Guanajuato, Mexico. Moreover, the bank is collaborating with electric vehicle manufacturers to establish production facilities and stores in Thailand. She emphasized Citigroup's advocacy for sustained global collaboration and open markets, stressing that genuine resilience emerges from strong and varied supply chains. Fraser highlighted that separating major economies is neither practical nor advisable.
The APEC conference this year gained substantial attention, particularly with Presidents Joe Biden and Xi Jinping's first meeting in a year, aiming to alleviate tensions between the US and China, which have posed threats to global economic growth. Following this, Xi Jinping dined with prominent US business figures, including Apple Inc.'s CEO Tim Cook and BlackRock Inc.'s Larry Fink. Fraser initiated the most significant restructuring of Citigroup in twenty years about a month ago, aiming to streamline operations and improve returns. This effort involves reducing the bank's organizational layers from 13 to eight. Fraser emphasized the elimination of co-head roles to ensure clear individual accountability throughout the organization.