Miguel Uccelli reveals Citi Peru's strategy to take the bank to the next level

Miguel Uccelli, leader of Citi Peru, has revealed in a recent interview the strategy and future vision that the financial institution has to take the bank "to the next level." Since taking office approximately a year and a half ago, Uccelli has been focused on consolidating Citi's presence in the country and increasing the number of corporate clients by 15 to 20% each year. As part of a global institution with 104 years of experience and operations in 95 countries, Citi Peru stands out for serving different segments, from multinationals to the government, through financial institutions and large local corporations. In the case of Peru, the multinational segment is the most relevant, followed closely by corporations, the financial system, and the government sector. The growth experienced by Citi in 2023 was significant, driven by a series of factors such as high interest rates and participation in key transactions such as the issuance of bonds by the Peruvian government. However, Uccelli acknowledges that the outlook for this year is different, with the expectation that the results may not be as favorable due to the decrease in interest rates. Despite these challenges, Uccelli is optimistic about investment opportunities in the country, highlighting the macroeconomic stability, the youth of the population, and the growth potential in various industries. Citi Peru targets corporate clients with minimum sales of $300 million, with the expectation that they can reach $500 million in the near future. Regarding projections for 2024, a growth of around 12% return on capital is expected for the bank, although Uccelli acknowledges that it will be a more challenging year than the previous one. The key to achieving these objectives lies in strengthening Citi's presence with its clients, establishing itself as the first choice for financial solutions and specialized products. In line with its strategic focus, Citi Peru has no plans to enter consumer or commercial banking, preferring to focus on its strength in the corporate segment and on services such as foreign exchange. Although there will continue to be selective investments in fintechs, Uccelli emphasizes the importance of maintaining a clear and specialized focus to ensure long-term success. In summary, Miguel Uccelli's vision and that of Citi Peru is ambitious yet realistic, betting on sustainable growth and greater relevance in the local financial market. As the economy progresses and new investment opportunities arise, Citi is preparing to face challenges and consolidate its position as a key player in the Peruvian banking sector.