The giant American Bank announced on Thursday that they’ll be exiting the consumer banking business as part of a global strategy. The bank currently employs over 4000 people and has 35 branches in the country. The bank will be closing down in India including a total of 12 other countries, Jane Fraser (global CEO) stating the move due to an absence of scale to compete in these countries. Although, the exit won’t be immediate as it requires various nods and approvals from the regulators.
“There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication that we do today,” Citi India’s Chief Executive Ashu Khullar said. (sourced from IndiaTV)
“… the sharpened strategy announced today will strengthen our ability to bring the full global power of Citi to our institutional clients, reinforcing our leading positions across corporate, commercial and investment banking, treasury and trade solutions, as well as markets and securities services,” he added. (sourced from IndiaTV)