Citi Bank is shutting down operations in India

By We Play Coins
Added on Apr 15, 2021
Citi Bank is shutting down operations in India

Citigroup today announced strategic actions in Global Consumer Banking – as part of an ongoing strategic review – which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential. Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in thirteen markets across the two regions.

The affected businesses include the consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to Citi’s global network.

Jane Fraser, Citi CEO, said, “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centers, Singapore, Hong Kong, UAE and London. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.

“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders,” Fraser concluded.

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. “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,” he told PTI.

Citi Bank India FAQ’s

Is my money safe with Citi Bank India?

There is no immediate impact on your money in Citi Bank India. My RBI rules each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held.

What will happen to Citi Bank India?

Citi Group is probably looking for a buyer to take over Citi India operations. It is most likely that another large bank will take over Citi India assets.

What will happen to Citi Bank Credit Card?

Since Citi has decided to exit the market there would not be much enhancements and eventually they will stop Citi Credit Card as well. We suggest you redeem your credit card reward points as soon as possible and stop using Citi Bank Credit Card.

Should I close my Citi Bank Account?

Now that Citi has decided to exit Indian market, it is logical for anyone to end the relationship with Citi and move to another bank.