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The ongoing second wave of infections in the country have created uncertainties around more localized restrictions, which may cloud investors ability to forecast economic and earnings growth in the near term, said analysts.
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Citigroup Inc.âs plans to exit retail banking in 13 markets, including India, could put its lucrative Indian credit card portfolio up for grabs, brokerages said a day after the global bank announced its decision.Citi intends to operate its consumer banking franchise from four wealth centres in Singapore, Hong Kong, the UAE and London, it said in a statement on Thursday. In markets that it is exciting, Citi will continue to offer prod.
Citigroup Inc.âs plans to exit retail banking in 13 markets, including India, could put its lucrative Indian credit card portfolio up for grabs, brokerages said a day after the global bank announced its decision.
International Business News: Citigroup announced on Thursday that it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from ret
MUMBAI: Citibank today said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan to focus only on four wealth centers in Asia.
“Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in thirteen markets across the two regions,” the bank said in a post-earning statement today.
Citibank will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries.