According to sources from the payment industry, many private banks, including SBI’s card subsidiary, are desperate to buy the credit business of Citibank at this time. As soon as this news came out on Friday, the SBI card shares in BSE saw a jump of 7.5 percent.
New Delhi. America’s multinational banking and financial services group Citigroup (Citi Group) has made preparations to fold its bag from India. Citibank on Thursday announced its exit from the consumer banking business in India. In such a situation, this is a very good opportunity for people who are looking to grow credit card business in the country. According to sources from the payment industry, many private banks, including SBI’s card subsidiary, are desperate to buy Citibank’s credit business at this time. As soon as this news came out, on Friday, the SBI card stock saw a jump of 7.5 percent in the BSE.
RBL, IDFC also in queue …
According to payment industry sources, HDFC Bank will not be able to participate in the race to buy Citibank’s card. Explain that HDFC has the largest share in the credit card business. In such a situation, due to the restrictions of adding new customers created by the Reserve Bank of India, they will not be able to join it. According to the information, many banks are very keen to buy Citibank’s credit card. RBL, IDFC can do more exercise to buy its credit card.
, what will happen to customers?
The customer of Citibank will not make much difference, because the customers who buy this business will be connected to it. Now the bank has said that it will continue to provide services to the customers until a new bank acquires its retail banking business. Later the acquiring bank will provide services to the customers.
to 25 lakh customers of Citibank across the country
Please tell that Citibank has about 35 branches across the country. These include branches of cities like Lucknow, Ahmedabad, Aurangabad, Bengaluru, Chandigarh, Faridabad, Gurugram, Jaipur, Kochi, Kolkata, Mumbai, Nagpur, Nashik, New Delhi, Pune, Hyderabad and Surat. About 4 thousand people work in consumer business banking. The bank has around 25 lakh customers in the country.
