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Explained: Why Citigroup is shutting consumer banking operations in India India Today Web Desk
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Citigroup on Thursday announced that it is shutting consumer banking operations in India and 12 other countries. US-based Citigroup said the decision is aimed at exiting retail banking markets where it has not been able to scale up, adding that it now wants to double down on wealth management.
Citigroup s announcement marks the end of Citibank the oldest foreign banking entity in India. While no timeframe has been announced, Citigroup is likely to finalise a buyer before exiting the Indian market.
The group has said that its banking services in the country will not be affected in the country from the time being and added that no employees in India will be let go.
Why is Citibank exiting consumer business in India?
Citi has announced today its intention to exit from its consumer franchises in thirteen markets across the two regions which include India. This means the oldest foreign banking entity will be exiting its consumer financing operations in the near future
Anand Adhikari | April 15, 2021 | Updated 20:36 IST
Citi Bank, which operates in India as a branch of the global giant, has a balance sheet size of Rs 2.18 lakh crore
The curtain has finally come down on the consumer business of the largest and the oldest foreign banking entity Citi Bank in India.
Citi has announced today its intention to exit from its consumer franchises in thirteen markets across the two regions which include India. This means the oldest foreign banking entity will be exiting its consumer financing operations in the near future.