New Delhi: On Wednesday, Citibank joined the ranks of other international financial institutions that have discontinued their retail banking operations in India. Axis Bank, headquartered in Mumbai, recently acquired the consumer division of Citigroup for Rs 11,603 crore.
Credit card, retail banking, wealth management, and consumer lending services at Citibank India were among the divisions sold to Axis.
As part of a larger plan to quit retail businesses in 13 regions, Citi is reducing its presence in India in order to conserve resources and redirect them towards more lucrative endeavours. They first established a consumer banking division in 1985, after entering India in 1902.—Inputs from Agencies