Citi to exit consumer banking biz in India

Mumbai, April 15

American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.

The bank has 35 branches in the country and employs approximately 4,000 people in the consumer banking business.

On Thursday, the bank announced exiting from the consumer banking businesses in 13 countries, with its global CEO Jane Fraser attributing the decision to the absence of scale to compete in these geographies.

Decision part of global strategy

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• Consumer banking business comprises credit cards, retail banking, home loans and wealth management
• The bank has 35 branches in India and employs approximately 4,000 people in the consumer banking business
• The bank has announced exiting from the consumer banking businesses in 13 countries

Contours of the exit were not immediately known and the proposed exit from the consumer banking business will also need regulatory nods.

“There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication that we do today,” Citi India’s chief executive Ashu Khullar said. — PTI