UPDATE 1-Citi to look at expanding in Africa - Pandit

* Africa has major role to play in new financial world

* Sees emerging markets, globalisation driving growth

(Adds background, details)

JOHANNESBURG, Dec 7 (Reuters) - Citigroup Inc (C.N) will look at expanding its presence in Africa, Chief Executive Vikram Pandit said on Tuesday, as the U.S. bank looks to fend off competition from international rivals on the fast-growing continent.

Africa and the continent's biggest economy, South Africa, had major roles to play in the new financial world where growth will be driven by emerging markets and globalisation, Pandit said in a roundtable interview with reporters at Citigroup's Johannesburg offices.

Pandit said Citigroup was comfortable operating in Africa and was now seeing its competitors also entering the continent.

Pandit is visiting Africa, with stops in both South Africa and Nigeria.

Citigroup, the third-largest U.S. bank by assets, first entered Africa in the 1950s and now has a presence in more than a 15 countries on the continent, although it remains a niche player in some markets.

It faces stiff competition as other Western banks target the growing trade flows between Asia and resource-rich Africa. London based Standard Chartered (STAN.L) already makes about 10 percent of its pre-tax profit from Africa, while Barclays (BARC.L) has a controlling stake in South Africa's Absa (ASAJ.J) and a presence in 9 others countries on the continent.

Citigroup ranked third for overall investment banking fees in sub-Saharan Africa in the nine months to end-September, according to Thomson Reuters data, up from the eighth spot a year earlier.

UBS (UBSN.VX) ranked second while Morgan Stanley (MS.N) took the top spot.

JP Morgan Chase & Co (JPM.N) CEO Jamie Dimon said during a visit to South Africa last month that he was incredibly impressed by opportunities on the continent.

Home to about a billion people now, Africa's population is expected to double by 2050. Some of its frontier economies boast growth rates of 7 percent or more.

Separately, the U.S. government said on Monday it had sold off its remaining shares in Citigroup, which was forced to take three taxpayer bailouts during the financial crisis. [ID:nN06234751] (Reporting by David Dolan and Marius Bosch; Editing by Matthew Tostevin)