????花旗集團（Citigroup）的全球擴張已經開始初見成效，但它面臨的挑戰仍然存在。最新的一項利好消息是拜中國政府所賜。上周，中國政府批準花旗向中國快速壯大的消費者人群發放信用卡，它將使花旗成為首家能在中國境內獨立發行信用卡的外資銀行。

????花旗集團努力向美國以外地區尋找營收增長機會之際，此舉將擴展它的國際個人和商業銀行業務，進一步拉開它與競爭對手美國銀行（Bank of America）之間的差異，后者正更多地專注于精簡國內個人銀行業務，而不是海外擴張。

????花旗集團首席執行官潘迪特上周抵達亞洲時滿面笑容。繼韓國后，潘迪特抵達了中國，慶賀花旗集團成立200周年。這個200歲生日，短短幾年前看起來可能還可望而不可即。當時，由于美國樓市泡沫破滅，花旗集團蒙受了幾百億美元的巨大損失，正沉浮于破產邊緣。

????但如今，人們都翹首期盼未來。經歷2008年危機屹立不倒的美國大銀行們已經恢復了幾分元氣，正在努力對公司業務進行調整，以適應當前的經營環境。比如，美國銀行（Bank of America）正在集中精力鞏固和精簡國內個人銀行業務，而摩根士丹利（Morgan Stanley）則在努力擴張國內個人經紀服務。

????花旗集團的答案一直是成為一家真正的全球性個人和商業銀行，實現營業收入多元化，以降低美國業務的比重，因為美國市場已趨于飽和，更嚴格的監管也擠壓了利潤空間。美國以外的地區早已占到花旗集團總營收的一半以上，因此它顯然知道如何在新市場中實現擴張。過去幾年，它的大部分資本支出都用于在亞洲、拉美、中東和東歐建設營運網絡，重點是拓展中國的個人銀行市場。

????迄今為止，結果好壞不一。相比北美市場，花旗海外業務當然是在增長，至少商業銀行業務是這樣。過去兩年，花旗海外的企業和個人貸款增長了22%，而北美市場則下降了6%。與此同時，花旗海外的存款增長了14%，而北美市場下降了2%。

????但花旗海外業務的總營收和凈利潤數據并沒有那么亮麗。2011年第四季度，國際個人銀行業務實現營收47億美元，同比小幅增長了2%。與此同時，國際凈利潤卻大降16%至7.88億美元。

????不過，如果進一步分析，這些數據并沒有看上去那么糟糕。凈利潤大幅下降，部分是由于當年新增貸款計提了7,200萬美元的壞賬準備金。如果剔除歐洲和中東，營收將略有增長——特別是在亞洲，亞洲營收增長了5%。2011年營運費用依然居高不下，但第三季度國際業務的凈營運杠桿率一度轉為正值，說明營收增長終于超過了費用的上漲。

????Citigroup's global expansion is starting to yield some choice dividends, but headwinds still exist. The latest mark in the win column comes courtesy of the Chinese government, which last week authorized Citi to offer credit cards to the nation's rapidly growing consumer class. That would make Citi the first non-Chinese bank to offer a credit card there on its own.

????The move expands the bank's international retail and commercial footprint as it seeks revenue growth from outside the United States. It also further expands the chasm between it and its big rival, Bank of America, which is focusing more on rightsizing its domestic retail operations as opposed to growing overseas.

????Citigroup's chief executive, Vikram Pandit, was all smiles as he touched down in Asia last week. After making his way through Korea, Pandit landed in China to celebrate the bank's 200th anniversary. It was a birthday that just a couple of years ago looked unattainable as the bank teetered on the edge of collapse after absorbing tens of billions in losses connected with the bursting of the housing bubble.

????But now it's all about the future. The U.S. megabanks that survived the 2008 tumult have somewhat recovered and are now trying to readjust and refocus their business for the current operating environment. For example, Bank of America (BAC) is concentrating on solidifying and rightsizing its domestic retail banking operations, while Morgan Stanley (MS) is looking to expand its domestic retail brokerage services.

????For Citigroup (C), the answer has been to become a truly global retail and commercial bank, diversifying its revenue stream in an attempt to limit its exposure to the U.S., where the market was maturing and profit margins were being squeezed from increased regulations. Citi already derives more than half of its revenues from outside the United States, so it knows how to expand in new markets. It has spent the bulk of its capital expenditures over the last few years on building out its operations in Asia, Latin America, the Middle East and Eastern Europe, with a major focus on expanding its retail presence in China.

????The results so far have been mixed. There has certainly been an increase in business for Citi overseas compared to North America, at least in the commercial banking group. Citi's lending to corporations and people abroad is up 22% in the last two years, while it is down 6% in North America. Meanwhile, deposits grew 14% abroad in the last two years and fell 2% in North America.

????But overall revenue and net income from Citi's international operations has been less than stellar. International consumer banking revenue was up a slight 2% to $4.7 billion in the fourth quarter of 2011 versus the same period last year. Meanwhile, overall international net income fell 16% to $788 million during the same time period.

????Dig deeper into the numbers, however, and it doesn't look so bad. The steep drop in net income was due in part to a $72 million build in credit reserves needed to cover all the new loans made during the year. Revenues then perk up a bit when you strip out Europe and the Middle East -- especially in Asia, where there was a 5% increase in revenue. Operating expenses remained elevated throughout the year but the net operating leverage for the international segment turned positive for the first time in a while during the third quarter, meaning that revenues were finally outpacing expenses.