"If you want to be in retail in India you have to be all in or not be there at all. Piyush Singh, head financial services, Asia Pacific and Latin America said Citi's decision to exit these markets is an impact of the accelerated disruption caused by the Covid 19 pandemic which has forced large banks to refocus management bandwidth and capital across the globe. It also has the largest wealth management business among foreign banks which is also likely to be put on the block as part of the new strategy. It claimed a 6% market share of retail credit card spends in the country with average spends per card is 1.4 times higher than the industry average, making it a profitable business for the bank in India. Citi India had 2.9 million retail customers with 1.2 million bank accounts as of March 2020.Īt the end of March 2020 Citibank served 2.9 million retail customers with 1.2 million bank accounts and 2.2 million credit card accounts. Outstanding credit cards as of February stood at 2.65 million, the largest among foreign banks in India, ahead of 1.46 million by Standard Chartered and 1.56 million by Amex.
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