![]() While Fraser has announced the road map, the exit from India would require a clearance from the RBI as the central bank would need to approve the new buyer. The other 12 markets that the bank will exit are: Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong Kong, UAE and London,” said Fraser. ![]() “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. Citi has operated in India since 1902 and despite having only 35 branches has a large market-leading franchise thanks to digital channels. The decision was conveyed by the bank’s global CEO Jane Fraser during the earnings conference for the first quarter where she announced exit from its consumer franchises in 13 countries. The multinational bank has a host of consumer business in India, including credit cards, mortgages, and personal banking. MUMBAI: Citibank, the largest foreign lender in India, has said that it will exit consumer business in the country as it does not have the scale required to compete.
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