or Citi (stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. Is Citi and Citigroup the same?Ĭitigroup Inc. FAQ Does Citibank have branches in India?Ĭitibank currently has 35 branches in India with 19,235 employees. The bank said that till the time of the sale there will be no impact for their customer as well as their 21,000 employees. He also added that, there was no immediate change to their operations and there wouldn’t be any immediate impact to the colleagues as a result of this announcement.Ĭiti is not closing down its business in India but it is changing hands after it gets a requisite regulatory approval and a proper buyer. In India, Citigroup will focus on offshoring or global business support rendering its services from major centers in Mumbai, Pune, Bengaluru, Chennai and Gurugram.Īshu Khullar who is the CEO of Citi India said that India is a strategic talent hub for Citi and he added on saying that they will continue to tap into the rich talent pool which is available in the country to grow Citi’s five solution centers which are a support for their global footprint. The company said that it would continue its corporate and institutional banking business in the markets where it is ending planning to end the consumer operations. It is estimated that around 26% of the foreign portfolio investments are through Citi bank India.Ĭitigroup has said that it will now focus on operating its global consumer banking business solely from four markets such as Singapore, Hong Kong, London and the UAE. As of 31 March 2020, the total deposits in the bank were around INR 1.57 trillion which includes the deposits from other banks as well as customers. The bank has around 5.9% market share in the digital payments and around 6 % market share in credit card spends.Īccording to FY2020 Citi bank has a 15.4 % share in the market share of loans among the foreign banks in India. The company has around 35 branches across India and around 29 lakh retail customers.Īs of March 2020, Citi bank has around 12 lakh bank accounts and about 22 lakh credit card accounts. The business of Citi Bank in India consists of Credit Card business, retail banking, wealth management and home loans. Other Reasons for the exit from Indian banking marketĬitibank had entered Indian retail banking in the year 1902. Reasons Why Citibank is leaving Indian consumer banking market Let’s look at the below article to understand why Citi bank is leaving the Indian Consumer banking market. Citi bank is one of the largest foreign banks in India. The other countries include Australia, Indonesia, Korea, Bahrain, Malaysia, Philippines, Poland, Taiwan, Russia, Thailand and Vietnam. Citi Bank had recently announced that it will exit retail banking operations in India and 12 other countries.
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