SINGAPORE - Asia will be a major target in Citigroup Inc.'s plans for global expansion, executive committee chairman Robert E. Rubin said Tuesday.
"Our strategy is to grow very aggressively in Asia," Mr. Rubin said at a conference in Singapore on electronic finance.
Citigroup's recent agreement to acquire Associates First Capital Corp., which has a major consumer finance business in Japan, is an example of interest in Asia, Mr. Rubin said. Citigroup is to pay $29.83 billion in stock for the Dallas-based company.
"We want to soundly and effectively serve our customers and build our capabilities in this really quite remarkable part of the world," said Mr. Rubin, who served was Treasury secretary under President Clinton.
Mr. Rubin said developing economies are "probably the single greatest opportunity" for Citigroup as it pursues its expansion plans.