At a press conference in Sao Paulo this week, Citibank CEO Vikram Pandit announced that the bank is putting its hopes on developing economies like Brazil to boost the company after billion dollar losses. After the credit crisis in the United States, Citibank hopes economies like Brazil’s will provide much needed growth.

Brazil has the largest economy in Latin America, and has enjoyed a period of unprescedented growth despite the global financial crisis.  In Brazil, Citibank plans to invest in consumer finance, as well as small and medium-sized businesses. The company is looking to the average Brazilian consumer, who is now spending more than in previous years, and to businesses looking to expand.

In addition, Citibank hopes to become a major lender in Brazil and has recently begun a campaign to improve their image in this role.