Citibank to exit consumer banking busniess in India
Mumbai, Apr 15: American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy.
The business comprises credit cards, retail banking, home loans and wealth management.
The bank has 35 branches in the country and employs approximately 4,000 people in the consumer banking business.
On Thursday, the bank announced exiting from the consumer banking businesses in 13 countries, with its global CEO Jane Fraser attributing the decision to an absence of scale to compete in these geographies.
Contours of the exit were not immediately known and the proposed exit from the consumer banking business will also need regulatory nods.
"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.
" 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.
Citi had entered India in 1902 and started the consumer banking business in 1985.
Apart from the institutional banking business, it will continue to focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.
Khullar said India is a strategic talent pool for Citi and it will continue to grow the five 'Citi Solution Centers'.
At present, there are postings for 4,000 jobs at the solution centres posted on its hiring website, officials said.
Citi had reported a post-tax net of Rs 4,912 crore for FY20 as against Rs 4,185 crore in the previous fiscal.
Its retail bank serves people across the spectrum, including the salaried and the high networth individuals, through dedicated offerings.
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Inspired by Cummins, Brett Lee donates bitcoin for India's fight against COVID-19
New Delhi, Apr 27: Inspired by his countryman Pat Cummins' gesture, former Australian pacer Brett Lee on Tuesday decided to donate one bitcoin (approximately Rs 40 lakh) to help India in its fight against the raging COVID-19 pandemic.
Cummins on Monday won lots of hearts when he announced a USD 50,000 donation towards the PM CARES Fund for oxygen supplies in India's hospitals ravaged by a deadly second wave of the pandemic.
"It saddens me deeply to see people suffering due to the ongoing pandemic. I feel privileged to be in a position of making a difference and with that in mind, I'd like to donate 1 BTC (Bitcoin) to Crypto Relief to help with the purchase of oxygen supplies for the hospitals across India," Lee said in a statement which he posted on Twitter.
"India has always been like a second home for me. The love and affection that I have got from the people of this country both during my professional career and even after my retirement, holds a special place in my heart."
On Tuesday evening, one bitcoin was trading at over Rs 40 lakh.
Bitcoin is not considered legal tender in India but that has not stopped Lee, one of the fastest bowlers to have played the game, from lending a helping hand.
Like Cummins, who plays for Kolkata Knight Riders in the IPL, Lee is also in India as part of the IPL commentary panel.
"Now is the time to be united and ensure we do as much as we can to help the ones in need. I'd also want to thank all the frontline workers who have been working round the clock during these tough times.
"I request people to please take care, stay at home, wash your hands and head out only if absolutely necessary, wear a mask and maintain social distancing. Well done Pat Cummins for the initiative yesterday," Lee said.
The 44-year-old represented Australia in 76 Tests, 221 ODIs and 25 T20Is during an immensely successful international career.
