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Shares in US banking giant Citi, the 3rd largest US bank by assets, are trading a little higher pre-market on Tuesday. Citi shares have been on a firm rally over recent months, trading higher by 70% off the November lows.
Strong Q3 Earnings
The recent rally has been boosted by better than expected third-quarter earnings. Citi posted a 3Q EPS of $1.40, beating estimates for a $0.91 EPS. This result came on the back of an upside surprise in Q2 also. The bank posted second-quarter earnings per share of $0.50, beating estimates for a $0.36 EPS. Citi is due to report fourth-quarter results on Friday with Wall Street looking for a $1.32 EPS.
Plans To triple UAE Wealth-Management Assets
This week, Citi announced that its United Arab Emirates wealth-management business is planning to triple its assets over the next five years from $5 billion to $15 billion. The move is part of Citi’s push to strengthen its foothold in the Middle East.
Strategically, the bank is increasing its efforts as...
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