Citibank said on Thursday that it was going to shut down its consumer banking business in India. The bank has 35 branches in India and employs around 4,000 people in its consumer banking business.
New Delhi: Citibank, the major bank of America, is preparing to fold its bag from India. The bank said on Thursday that it was going to shut down its consumer banking business in India. The bank says it is part of its global strategy. 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.
On Thursday, the bank said it was shutting down consumer banking businesses in 13 countries. The bank’s global CEO Jane Fraser said that there is no competitive environment in these countries. Though details could not be immediately available, regulatory approvals would also be required to exit the consumer banking business.
India came in 1902
City India Chief Executive 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 continue to serve our customers in the same manner. He said that today’s announcement will further strengthen the services of the bank. Apart from the institutional banking business, Citi will continue to focus on global business from its Mumbai, Pune, Bangalore, Chennai and Gurugram centers. The city had a net profit of Rs 4,912 crore in the financial year 2019-20, compared to Rs 4,185 crore in the previous financial year. Citibank entered India in 1902 and in 1985 the bank started consumer banking business.
