US banking giant Citigroup, decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business. Citi will exit consumer banking in 13 countries
Citi India’s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India reported PTI.
Citi's total assets in India are nearly at Rs 3 lakh crore, out of which the retail biz including credit cards would be over Rs 32,000 cr as per reports in ET.
However, the company has said that it has begun looking for a buyer, “Citi is not closing down its consumer business here, but only exiting. We will now look for a buyer for the Indian consumer business segment and will also seek necessary regulatory approvals,” officials told Moneycontrol.com.