(Ecofin Agency) - . Citigroup is holding talks with governments in Benin and Namibia to grow its presence.

. The bank is playing a key role in Benin's bond sales and cybersecurity funding plans.

. Citi is ramping up selective operations in Africa amid rising Gulf and Asian investment.

Citigroup is in talks with several African governments, including those of Benin and Namibia, as part of a push to expand its presence on the continent. The move is part of a broader effort by the U.S. bank to target high-potential markets where foreign investment is gaining ground, according to a report by Bloomberg.

Grant Carson, who oversees Citigroup’s operations in 64 countries where the bank does not have a physical branch, said the talks are mostly at the government level. He pointed to growing investor interest in both countries.

Namibia, the world’s third-largest uranium producer, is preparing for an oil boom after major offshore discoveries. Several global companies, such as Chevron and Galp Energia, have already launched exploration and production projects in the country.

Benin, for its part, is broadening its access to international capital markets. In January, it became the first country in Africa to issue a dollar-denominated sovereign bond in 2025. Citigroup helped structure the deal and is also working with the U.S. Export-Import Bank to arrange funding for a national cybersecurity project.

Benin is also pushing forward with a privatization program. This includes stock market listings for its fully state-owned bank, BIIC, and the National Lottery of Benin (LNB).

Citigroup’s growing involvement in Africa is part of a larger strategy to adapt its regional model. As competition heats up globally, especially from Gulf investors and Asian banks, the Wall Street lender is focusing on African countries with strong long-term potential. Citi operates as a financial advisor, arranger of complex deals, and development partner, often without setting up a physical branch.

This strategy mixes physical offices in places like Nigeria and Morocco with transactional-only setups in other countries. Still, the bank leans heavily on its financial engineering expertise. Recent deals highlight this, including a record $2.5 billion sovereign bond issue in Morocco’s Casablanca, a $2.2 billion Eurobond in Lagos, and a $320 million structured loan arranged for Tanzania’s CRDB Bank in partnership with the U.S. International Development Finance Corporation (DFC).

Carson said interest in Africa is picking up again, even as some investors wait to see how global trade conditions evolve. ““We are seeing investment growing in economies such as Namibia and Benin,” he told Bloomberg, adding that discussions are primarily happening at the government level.

Meanwhile, Citigroup is also talking with Angola about managing its state-owned enterprises. The bank recently helped finance aircraft purchases in Ethiopia and opened a credit line for a company in Angola.