Citibank will integrate its retail banking business in India, know what will happen to employees and account holders?
Citibank India Exit: Citibank, one of the world’s leading banking companies, is now preparing to consolidate its business in India. US bank Citibank has announced to exit the consumer banking business in India on Thursday.
Citibank India Exit: Citibank, one of the world’s leading banking companies, is now preparing to consolidate its business in India. US bank Citibank has announced to exit the consumer banking business in India on Thursday. After all, why did the bank take this decision and what will be the effect on the account holders and employees after this?
Now focus only on rich countries
Citibank’s retail business includes segments such as credit cards, savings bank accounts and personal loans. On the decision to exit retail banking in India, Citibank said that it is part of its global strategy. Citibank has decided at the global level that it will exit its business in 13 markets. Citibank will now focus on only a few rich countries.
About 4,000 employees in banking business
The bank’s consumer banking business includes credit cards, retail banking, home loans and wealth management. Citibank has 35 branches in the country and employs about 4,000 people in its consumer banking business. Citibank’s Global CEO Jane Fraser said that because of the lack of competition in these areas, the bank has decided to do so. Regulatory approvals will be required to exit Citibank’s retail business.
There was no change in our operations
City India CEO Ashu Khullar said that there has been no immediate change in our operations and this announcement will not have any immediate impact on our colleagues. We will not keep any shortcoming in the service of our customers. He said that with this announcement, the services of the bank will be further strengthened. Apart from the institutional banking business, Citi will continue to focus on global business from its Mumbai, Pune, Bangalore, Chennai and Gurugram centers. Citibank entered India in 1902 and in 1985 the bank started consumer banking business.
Looking for partner
Citibank will exit the retail banking business in Australia, Indonesia, Bahrain, China, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam in addition to India under its new business strategy. But his wholesale business will continue. According to media reports, Citibank is also looking for buyers to sell its retail and consumer business in India.
