CitiBank scales down India ops–Here’s looking at 7 international banks that made India exit in last 2 decades
Zee News
Except for Singaporean lender DBS Bank, which has expanded its presence in the country and also acquired a domestic private sector bank, many foreign lenders have cut their presence in the country.
New Delhi: American banking major Citi has joined a long list of foreign banks that have either exited or cut down on their business presence in India with the sale of its consumer banking business to Axis Bank for Rs 12,325 crore.
Citi's scaling down of operations in India is part of its strategy to exit retail businesses in 13 markets to conserve capital and focus on higher-yielding revenue streams. It had entered India in 1902 and started the consumer banking business in 1985. (Also read: What happens to 30 lakh Citibank customers, bank branches, employees after Axis-Citi takeover? Check 10 big points here)
Except for Singaporean lender DBS Bank, which has expanded its presence in the country and also acquired a domestic private sector bank, many foreign lenders have cut their presence in the country.
Before Citi's exit from the consumer banking business was announced on Wednesday, global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India.
1. Australia and New Zealand Bank, in 2000, wound up domestic operations here after selling its Grindlays Bank unit to Standard Chartered for USD 1.34 billion. However, it re-entered the Indian market in 2011 by opening a new branch in Mumbai. ANZ was in India since 1984 through its presence as Grindlays Bank.
