Citigroup to shut retail banking operations in India. Will it affect customers?
India Today
Citigroup has announced that it will shut retail banking operations in India. The company has already initiated the process to look for a buyer for Citibank India. Will the move impact the bank's customers in India? Here is all you need to know:
Citigroup has announced that it will exit the retail banking business in India and 12 other countries. It marks the end of an era as it was the first foreign bank that started operations in India in 1985. The US banking group said it has already started the process to look for buyers, following which it will exit retail banking operations in India. The decision was announced by the newly-appointed global CEO of Citigroup, Jane Fraser, who said the decision is a part of the company’s strategy to shift resources and investments in lucrative opportunities including wealth management and institutional businesses in Asia. On why the company is planning to exit India and the other countries, she said, “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete.”
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