After Citi, second foreign bank announces India biz exit | Editorji
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After Citi, second foreign bank announces India biz exit

Apr 22, 2021 11:20 IST | By Editorji News Desk

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. 

Business