Citibank, the world’s largest bank, announced the withdrawal of its business from India

BanglaHunt Desk: Citi Bank, the world’s leading banking institution, on Thursday announced its exit from consumer banking business or retail banking business in India. After all, why did the bank make this decision? What effect is this going to have on account holders and employees?

Citibank’s retail business has multiple divisions such as credit cards, savings bank accounts and personal loans. Regarding its decision to exit retail banking in India, Citibank said it was part of its global strategy. Citibank has decided globally that it will exit its business in 13 markets. Citibank said it would now focus on a few prosperous countries.

The bank’s banking services to its customers include credit cards, retail banking, home loans and asset management. Citibank has 35 branches across the country and employs about 4,000 people in its customer banking services. Jane Fraser, Citibank’s global CEO, said the bank had decided to shut it down due to a lack of competition in these areas. Citibank will need several regulatory approvals to exit the retail business.

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It was also reported that there was no immediate change in activities and that the announcement would not affect our colleagues. We will not put any difficulty in serving our customers. He said the bank’s services would be further strengthened with the announcement. In addition to its institutional banking business, the city will continue to focus on global business from its Mumbai, Pune, Bangalore, Chennai and Gurugram centers. Citibank entered India in 1902 and started its customer banking business in 1985.

Under its new business strategy, Citi Bank will go out of its retail banking business in Australia, Indonesia, Bahrain, China, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam in addition to India. However, his wholesale business will continue. According to reports, Citibank is looking for buyers to sell in retail and consumer businesses in India.