US banking giant Citigroup, a leading foreign bank, on Thursday decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business.
Is Citibank exiting India?
Citibank announced it is shutting down its retail banking business including credit cards, savings bank accounts, personal loans, etc. in 13 countries including India. Excluding Singapore, Hong Kong, UAE, and London, the 4 wealth centers – from where the bank intends to operate its consumer banking business.
Why did Citibank exit retail banking?
But they don’t have time for a Rs 100 crore loan to an SME in a smaller city such as Bhubaneswar,” said another banker. The latest downsizing is by Citigroup, which has decided to exit retail banking from India and 12 other markets, citing lack of scale to compete.
Who will buy Citibank India latest news?
Four top local lenders, including HDFC Bank and Kotak Mahindra Bank, and the Singapore-based DBS Bank have emerged as the top five contenders to take over Citi India’s estimated $2-billion retail business, highlighting the competitive intensity for a portfolio built around credit cards, mortgages, wealth management and …
Why did Citibank fail in India?
Citigroup said it is exiting the retail banking business in India and 12 other countries as it has not been able to scale up in order to compete. Simply put, the bank has not been able to ramp up its business in order to compete with other domestic players.
Is Citibank safe in India?
Yes, of course. They are quite safe. Thanks to strong regulation and supervision by Reserve Bank of India and system of internal control of banks, they are well capitalized, well managed and effectively regulated.
Is Citibank a safe bank?
Citibank’s basic savings account can be a good place to keep your money safe and accessible, but its rates are generally low. You’ll find better rates — generally around 0.40% — at online-only banks or credit unions.
Who is buying Citibank in India?
HDFC Bank, Axis Bank, three others in race to buy Citi India’ retail business: Report. In April this year the US banking major Citigroup had announced its exit from the consumer banking business from 13 countries across Asia and Europe, including India.
What will happen to Citibank customers?
Citibank has announced to shut its retail banking business including credit cards, savings bank accounts, personal loans etc. … Also, Citi’s exit from India will serve as an opportunity for banks in India to either acquire the existing stock of clients or gain share markets in segments like loans, credit cards etc.
Who bought Citibank?
NAB buys Citi’s Australian retail bank for $1.2 billion.
Is Citibank owned by Citigroup?
Citibank is the consumer division of financial services multinational Citigroup.