Is Citibank shutting down in India?
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Is Citibank shutting 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 happened to Citigroup?
In July 2009, the firm was effectively nationalized, with billions of dollars in bailout money converted into a 34\% ownership stake for the U.S. government. Citigroup was worth less than $16 billion, having lost more than $250 billion in value from its peak.
What is consumer banking operations?
Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).
Who is going to buy Citibank India?
Kotak, Axis Can Buy Citi Bank India For Rs 15,000 Cr; ICICI, HDFC Not Interested. None of the bidders have offered stocks, and have submitted all-cash bids. Kotak Mahindra Bank, Axis Bank and IndusInd Bank are bidding to buy Citi’s consumer business in India.
Who will acquire Citibank in 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.
Is Citibank working in India?
Citibank India is a foreign bank in India with a full service onshore platform. Its Indian headquarters is at Bandra Kurla Complex, Mumbai, Maharashtra….Citibank India.
| Type | Subsidiary of Citigroup |
|---|---|
| Headquarters | Mumbai, Maharashtra , India |
| Key people | Pramit Jhaveri (Vice-Chairman) Ashu Khullar (Chief Executive Officer) |
What is Citigroup known for?
One of the largest financial services firms known to man, Citigroup (also known as Citi) has some 200 million customer accounts and serves clients around the globe. It offers deposits and loans (mainly through Citibank), investment banking, brokerage, wealth management, and other financial services.