Is Citibank closing down in India?

“Citi is not closing down consumer business in India. We will focus on the institutional business,” said an official of the bank. While scaling up the consumer banking business has been an issue, profits were not an issue for the bank as it reported a net profit of Rs 4,918 crore in the year ended March 2020.

What will happen to Citibank employees in India?

Citi Bank India: No Employee Will Be Fired, No Banking Customer Will Be Impacted; New Buyer Will Takeover. Citibank announced on Thursday that it will be exiting 13 international consumer banking markets, including India and China as part of its global strategy.

What will happen to Citibank employees in Philippines?

Citigroup, Inc. will leave its consumer banking business in 13 Asia-Pacific markets, including the Philippines, but continue to maintain a corporate banking presence. It currently has over 8,000 employees working in its corporate and retail banking units, and service centers in the country.

Who is likely to take over Citibank India?

Amidst increasing bullishness about the credit card market, a handful of top domestic banks including HDFC Bank and Kotak Mahindra Bank are being seen as front runners to acquire Citi’s credit card division in India. According to sources, about 5-6 banks are in the fray to bid for Citi’s credit card business in India.

Why did Citi leave India?

WHY IS CITIGROUP EXITING INDIA? Citigroup said it is exiting the retail banking business in India and 12 other countries as it has not been able to scale up in order to compete. Simply put, the bank has not been able to ramp up its business in order to compete with other domestic players.

Is my money safe in Citibank?

Savings accounts are generally a safe investment choice. They offer a fixed rate of return, your money can be withdrawn in an emergency with no penalty, and your account is insured for up to $250,000 by the Federal Deposit Insurance Corp. ( FDIC ). See how much you can earn with a Citi savings account today.

What is happening to Citibank?

Citibank announced it is shutting down its retail banking business including credit cards, savings bank accounts, personal loans, etc. in 13 countries including India. Excluding Singapore, Hong Kong, UAE, and London, the 4 wealth centers – from where the bank intends to operate its consumer banking business.

Does Citibank have a branch in the Philippines?

Citibank Philippines is the Philippines branch of Citibank. Currently, it is the largest commercial bank in the Philippines. One of its largest investments in the country is the site building in Bonifacio Global City, Taguig. Citigroup Philippines has 4,200 employees and 3 branches in Metro Manila and Metro Cebu.

Which bank is buying Citibank India?

kotak mahindra bank: Citi consumer business sale: Kotak Mahindra, Axis and IndusInd submit bids – The Economic Times.

Which bank merged with Citibank?

The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries.

Why is Citi exiting?

The latest downsizing is by Citigroup, which has decided to exit retail banking from India and 12 other markets, citing lack of scale to compete. In the wealth management business, Citi has been among the top five players.

Is Citibank shut down?

On 16 April, global banking behemoth Citibank said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India. 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.

Is Citibank going out of business in India?

Even as it has decided to sell off the retail accounts and credit cards business, the bank has indicated that there won’t be any layoffs or closure of offices in India. Having started its India operations in 1902, Citibank serves 2.9 million retail customers with 1.2 million bank accounts.

What does Citigroup’s exit from India mean?

US banking major Citigroup, a leading foreign bank in India, on Thursday announced its exit from the consumer banking business in the country (along with 12 other countries) as part of a global strategy to focus on institutional business.

What is the total assets of Citibank in India?

The bank said that for the Citi franchise in India (Citi) in aggregate, total assets, including credit extended to Indian institutional clients from offshore Citi entities, stood at Rs 299,250 crore as on March 31, 2020. In the year ended March 2020, the bank reported a net profit of Rs 4,918 crore.

Why Citibank could not scale retail consumer franchise in India?

“Citibank could not scale retail consumer franchise in India as it did not ‘glocalise’ fast enough,” said a banker.