Citigroup disappointed by South Africa investment

Johannesburg: Citigroup Inc invested to expand in South Africa. Now all the New York-based bank needs is deals.

“We have in the two last cycles appropriated additional capital to continue to grow our business, but we haven’t seen as big a deal flow to be able to execute against that,” said Citigroup chief country officer Peter Crawley. “We’re very much sitting on the side and battening down the hatches, planning for a difficult scenario. But hands on today, eyes on tomorrow.”