You asked: Who is buying Citi India?

New Delhi: HDFC Bank, Kotak Mahindra Bank, Singapore-based DBS Bank and two other lenders have merged as the top five contenders to take over Citi India’s retail business, estimated to be around $2-billion, the Economic Times mentioned in a report.

Is Citibank owned by India?

Its Indian headquarters is at Bandra Kurla Complex, Mumbai, Maharashtra. It is a subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States.

Citibank India.

Type Subsidiary of Citigroup
Owner Citigroup

How does Citi make money?

The primary business lines are credit cards, retail banking, mortgage origination, and commercial banking. For the first quarter of 2013, Citi took in slightly more than $10 billion in revenue in global consumer banking, making this the superbank’s top revenue generator.

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 India safe?

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.

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Is Citibank is closing in 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.

How many customers does Citi have?

Citi is a global leader in payments, with 132 million accounts and $505 billion in annual purchase sales, and has unrivaled partnerships with premier brands across Citi Branded Cards and Citi Retail Services.

Is Citibank profitable?

The New York-based bank said it earned $6.19 billion, or $2.85 a share. … The improving balance sheet can be seen in Citi’s consumer banking franchise. The division reported a $1.8 billion profit in the quarter, compared to the loss it reported a year earlier.

What is unique about Citi Bank?

Citigroup not only has offices in other countries, but its operations abroad also pivot around consumer banking, the primary purpose of which is to attract deposits. … The purpose of investment banking is to help global corporations issue debt and equity, manage risk, and move money around the world.