Posted on 16-04-2021 by Admin
Citibank of America is now consolidating its business with India. This had an impact on the India economy and unemployment. The bank announced that Citibank will now exit 13 international consumer banking markets, including India. Especially where its business is on a small scale. The bank is now set to focus on the wealth management business. It is part of his global strategy. The bank s move is part of the company s ongoing strategy review by Chief Executive Officer (CEO) Jane Fraser.
Citibank entered India in 1902 and started consumer banking business in 1985. The city had a net profit of Rs 4,912 crore in the financial year 2019-20, compared to Rs 4,185 crore in the previous financial year.
The reason for this is now being told that there are less opportunities for business at this time and the banking rules applicable in India. Foreign banks are not allowed to increase or acquire branches in the country by the Indian Banking Regulator. In such a situation, it is difficult for foreign banks to do business in India. Experts believe that Citibank could not connect with the customer as expected.
If Citibank closes its tax bar, then there is a danger of 4 thousand jobs.
Citibank has about 35 branches in different small cities, big cities and villages in the country. These include branches of cities such as Lucknow, Ahmedabad, Aurangabad, Bengaluru, Chandigarh, Punjab, Faridabad, Gurugram Jaipur, Kochi, Kolkata, Mumbai, Nagpur, Nashik, New Delhi, Pune, Hyderabad and Surat.
About 4 thousand people work in consumer business banking. Citibank has about 2.5 million customers in the country. However, Citigroup will continue in the global consumer banking business in Singapore, Hong Kong, London and UAE markets. While China, India and 11 other retail markets will comprise the business.
Citigroup will exit its consumer franchise in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam after the announcement.