Citi expects revenue in Brazil to grow 50% over the next 3 years

A Citibank ATM is seen in Los Angeles, California, March 10, 2015. REUTERS/Lucy Nicholson

SAO PAULO, March 29 (Reuters) — Citigroup Inc (C.N) expects its revenue in Brazil to grow 50% over the next three years, the chief executive of its local unit said on Tuesday, adding that demand for advisory services on mergers and acquisitions remains strong in early 2022.

Marcelo Marangon also said the lender does not expect to get back to retail banking in the South American country in coming years. Citi sold its retail business in Brazil to Itau Unibanco (ITUB4.SA) in 2016.

Reporting by Aluisio Alves; Writing by Gabriel Araujo

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