Citigroup’s institutional clients group increased its revenues in Latin America and Asia in the first half of this year, contrasting with revenue drops in the US and Europe, and in line with a strategical focus on emerging markets.

In a quarterly 10q filing with the Securities and Exchange Commission last week, Citi said that first half revenues for the institutional clients group in Latin America were $2.4bn, 14% up from the $2.1bn that it posted in the same period last year.