Citibank has announced to exit its retail banking business in 13 emerging markets of Asia, Europe, Middle East and Africa, including India, under its Global Business Strategy.
There is bad news for CitiBank customers in India. Citibank of America has now decided to close its business in India. Citibank has announced to exit its retail banking business in 13 emerging markets of Asia, Europe, Middle East and Africa, including India, under its Global Business Strategy. Citibank entered India in 1902 and in 1985 the bank started consumer banking business.
The bank’s consumer banking business includes credit cards, retail banking, home loans and wealth management. Please tell that Citibank has 35 branches in India. At the same time, about 4,000 people worked in its consumer banking business.
Citibank will come out of here
Citigroup will exit its consumer business in India, Australia, Bahrain, China, Indonesia, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Apart from the institutional banking business, it will continue to focus on offshoring or global business support provided from centers in Mumbai, Pune, Bangalore, Chennai and Gurugram. Citibank is also looking for a buyer to sell its retail and consumer business in Bharat.
Loss of Rs 4,912 crore in FY20
The city had a net loss of Rs 4,912 crore in the financial year 2019-20, which was Rs 4,185 crore in the previous financial year.
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