18.10.2006 15:39 Real Estate

LONDON (AFP) - Citigroup is looking at acquiring banks outside the United States in an effort to reduce its dependence on its home market, the group's Chief Executive Charles Prince said in an interview published in the Financial Times.

Prince wants to increase the portion of Citigroup's revenue coming from outside the United States to 60 percent in the next few years, from 45 percent currently.

"The pipeline is filling up nicely," he told the newspaper.

Citigroup has considered several potential deals with banks in Taiwan, Turkey, Central America, China and western Europe, the newspaper reported, and Prince added that he expected progress before the end of the year.

Prince also told the newspaper that he warned Citigroup's managers that they may soon have to tighten their belts, in order to fund investment.

"I made clear that if we have to cut back on business-as-usual expenses to pay for the investments, we are going to do that because the investment is the future of the firm."

He defended his record as head of the firm, against those who wanted faster results: "People want faster results. Great. I want faster results. But the reality is you cannot change a place this big in six months."

"We are on the cusp of organic growth showing through. I feel very confident about that. We are also getting back in the deal business," he said.

"It's all about: are you growing the bottom line? That is the proof of the pudding. And I'm perfectly prepared to be judged by that."

original text is here