South Africa's second largest bank FirstRand is exiting India business after 12 years reports Economic Times.
FirstRand Bank informed employees on Tuesday via videoconference and stated "Following a review of FirstRand’s strategy in India the decision has been taken to convert the current branch to a representative office. FirstRand will be engaging with the regulators on this proposed change."
FirstRand's shut down will impact over 50 employees and marks the second exit for a foreign lender after global giant Citibank announced it's departure for retail ops last week.