Yes Bank eyes Citi India s retail assets
The India business of Citi includes retail banking, wealth management, credit cards and mortgages. It also has a presence in the distribution of financial services products, investment banking operations and treasury and trade solutions
BusinessToday.In | May 3, 2021 | Updated 13:34 IST
Yes Bank explores bid for Citi India s retail business
Private lender Yes Bank is looking to bid for the Indian retail assets of Citibank. This move comes as the foreign bank is slated to partially exit 13 countries, including India. Yes Bank also joins a list of parties interested in the local operations of Citi.
Yes Bank eyes Citi India s retail assets- Business News
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Why did Citibank exit India consumer business? © Dinesh Unnikrishnan Why did Citibank exit India consumer business?
On 16 April, global banking behemoth Citibank said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India.
The other markets are Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
Although Citi s exit from consumer business is part of a global decision, it had its own – and good - reasons to review retail operations in India as well.
Over the years, Citibank has been facing challenges from local competitors in India. The lender has been steadily losing market share. If you are not among the top three players in a market, then the question is whether you want to be in that market at all, said Sanjiv Bhasin, former India head of DBS Bank and a veteran Indian banker who has spent long years abroad in the business.
Citigroup Inc. plans to apply for a variety of wealth management licenses in China, the Global Times said in a tweet.
The firm wants approval to trade securities and futures, and underwrite the sales of stocks and bonds, according to the state-run newspaper.
A Hong Kong-based Citigroup spokesman said the lender continues to “explore opportunities to support its local and global clients in China further.”
The bank last week said it plans to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul, though it will continue to serve corporations and private banking clients in those areas.
Citigroup to shut consumer banking operations in 13 countries including India
Citigroup to shut consumer banking operations in 13 countries including India
While it has not yet announced a timeframe for the exit, the third-largest bank in the US will exit the consumer banking market in India, China, Australia, Malaysia, Bahrain, Korea, Indonesia, Russia, Vietnam, Philippines, Thailand, Poland and Taiwan.
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Citigroup will exit consumer banking operations in India and 12 other countries. (Photo: Reuters)
Citigroup has announced that it will shut consumer banking operations in 13 countries including India. The US banking group said the move is aimed at shifting focus to wealth management and exiting retail banking in places where it is small.
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