Citigroup, banned from growing through acquisition until it meets command and control reforms demanded by top US banking regulator, The Federal Reserve, has said it will be ready to go on the offensive by the end of the year.

Chuck Prince, the bank's chief executive, told shareholders at the annual meeting yesterday that it would take "a good part of the balance of this year" to implement changes in the bank's internal controls after which Citigroup can return to "inorganic growth transactions", Reuters reports.