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EXCLUSIVE: Shagufta Ali receives help from Aanand L Rai, Anupam Kher among others to battle financial woes

EXCLUSIVE: Shagufta Ali receives help from Aanand L Rai, Anupam Kher among others to battle financial woes
pinkvilla.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pinkvilla.com Daily Mail and Mail on Sunday newspapers.

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Why did Citibank exit India consumer business?

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. ....

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Wipro under the spotlight for Citibank's $900 million mess

Wipro under the spotlight for Citibank’s $900 million mess
© Dinesh Unnikrishnan
Wipro under the spotlight for Citibank’s $900 million mess
Global banking major Citibank relies on a so-called “six eyes protocol for high-value transactions. It simply means at least three people must approve large sums of money transfers. The extra pairs are deployed as a measure of precaution. Think of it like three scientists carefully examining a rocket before it is fired into space.
On August 11, 2020, Citi was set to transfer $8 million to lenders of cosmetics company Revlon in its capacity as a loan agent. There were ‘six eyes’ at hand to make sure everything went without a hitch. Of the three, two were in India. They worked with Wipro Technologies, the Indian technology partner of Citi. ....

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Wipro under the spotlight for Citibank's $900 million mess

Wipro under the spotlight for Citibank's $900 million mess
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Credit Suisse's stake sale in Prime Focus 'blatant abuse of purported rights': Reliance Capital

Credit Suisse s stake sale in Prime Focus blatant abuse of purported rights : Reliance Capital
The proposed sale price (Rs 44.15 per share) is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd s shares, says Reliance Capital
Chitranjan Kumar | December 28, 2020 | Updated 16:55 IST
Anil Ambani-controlled Reliance Capital raises concerns over Credit Suisse s 33.12% stake sale in Prime Focus
Anil Ambani-led Reliance Capital has alleged that the proposed sale of 33.12 per cent equity shares of Prime Focus by Credit Suisse (CS) at Rs 44.15 per share is a blatant abuse of the purported rights by the CS under certain lending agreements with Reliance Anil Dhirubhai Ambani Group. ....

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