The Citigroup-a US banking major, has announced its exit from the consumer banking business in India along with 12 other countries as part of a global strategy to focus on institutional business.
- On April 13, 2021, the banking major said it will exit retail banking operations in 13 countries across Asia and parts of Europe, which includes India and China, Australia, Bahrain, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
- Citigroup will now operate its global consumer banking business solely from four rich markets: Singapore, Hong Kong, London and the UAE.
- The CITI Bank has, however, said that it will continue with its wealth management and institutional business in India.
- Even as it has decided to sell off the retail accounts and credit cards business, the bank has indicated that there won’t be any layoffs or closure of offices in India.
- Citi Bank had entered India in 1902 and its business here comprises credit cards, retail banking, home loans and wealth management.
- Citibank India has 35 branches and as of the year ended March 2020, the bank had advances aggregating to Rs 66,507 crore and deposits worth Rs 157,869 crore.
