NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, July 27, 2004

“Citigroup is also moving down market in other developing countries in a bid to wring profits out of the working class. In part, it is betting that a healthy middle class will emerge in Mexico, Brazil, India, China and a handful of other fast-growing economies. The growth potential, as Citigroup executives see it, is enormous, particularly with credit cards, where profit margins in places like Mexico are fat.” Read full article here.