Citi’s CEO talks of bank’s microfinance initiatives
Tuesday, October 29, 2013
Mike Corbat, Citi’s CEO, went over his big three global trends that most Citi watchers are familiar with by now — globalization, urbanization and digitization.
“The world is becoming less fragmented and more connected,” said Corbat to a more than 300 person crowd made of bankers, regulators and others at the Accion Financial Inclusion 2020 Global Forum.
The organizations that recognize these changes will be positioned to grow, noted Corbat.
Microfinance is a service that provides low-income populations to obtain financial services, such as bank accounts, payment structures and loans. In fact, there are 2.5 billion people that are “un-banked”, that is lack access to a bank account, according to the latest research.