Citibank India

Citibank India is a foreign bank in India with a full service onshore platform. Its Indian headquarters is at Bandra Kurla Complex, Mumbai, Maharashtra. It is a subsidiary of Citigroup,[3] a multinational financial services corporation headquartered in New York City, United States. Citibank India's services are investment banking, advisory and transaction services, capital markets, risk management, retail banking, and Cards. Although headquartered in Mumbai, the bank has most of its workforce based out of Chennai followed by Mumbai and Gurugram.

Citibank India
TypeSubsidiary of Citigroup
IndustryBanking
Financial services
Founded1902 (1902)
Headquarters
Mumbai, Maharashtra
,
India
Key people
  • Pramit Jhaveri
    (Vice-Chairman)[1]
  • Ashu Khullar
    (Chief Executive Officer)[2]
ProductsCredit Cards
Debit Cards
Loans
Investments
Assurance/Insurance
NRI Banking
Private Banking
OwnerCitigroup
Websitewww.online.citibank.co.in

On 15 April 2021, after 119 years in India, Citibank said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan.[4]

History

Established in 1902 in Calcutta (Kolkata), Citi India has a long history. Currently, Citigroup, the owner of Citi India, is one of the largest foreign direct investors in financial services in the country. Citi introduced early innovations to India such as the ATM, credit card, 24-hour phone banking, internet banking, and instant SMS alerts.

Citi India is backed by a network spanning 98 markets across the world. The bank serves close to 25 lakh (2.5 million) customers ranging from corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households, and individuals.

Scandal

In 1992, Citibank was one of the foreign banks linked to the 1992 Indian stock market scam.[5][6]

Exit

In April 2021, Citi announced that it will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries.

In 2022, it was announced that Citibank India's customer business would be acquired by Axis Bank for ₹12,325 crore ($1.6 billion).[7][8][9]

The acquisition was completed in March 2023, with all Citibank branches rebranded as Axis Bank[10] and Axis Bank absorbing 97 percent of Citibank India's workforce of 3,200 people.[11]

Leadership

Ashu Khullar was named chief executive officer in 2019. Khullar joined Citi in 1988 and worked for Citibank in Europe, Africa, and London. Before taking office, he was the head of capital markets for the Asia-pacific region.[12]

Former CEO, Pramit Jhaveri, became vice-chairman of Citi-group's banking, capital markets and advisory business for Asia Pacific in 2019.[13] He served as CEO for nine years before stepping down.[12]

Products and services

Citi India offers consumers and institutions a broad range of financial products and services, including consumer banking and credit; corporate and investment banking; institutional equity research and sales; foreign exchange; credit cards, commercial banking; and treasury and trade solutions. Citi India's balance sheet is considered among the best performing in the Indian banking industry, with a net NPA level of 0.55% as of 31 March 2018.

Digital Wallet Support

Citibank India only supports Samsung Pay, for their credit cards, not debit cards.[14] Apple Pay, Google Pay or their own proprietary apps are not supported.

References
  1. "Jhaveri is set to become the vice-chairman of Citi group's banking". The Hindu. Retrieved 13 March 2019.
  2. "Ashu Khullar named Citi India CEO". The Hindu. Retrieved 13 March 2019.
  3. "Citi | Asia Pacific | India". Citigroup.com. Retrieved 21 January 2019.
  4. "Citibank global rejig: Citibank to exit India consumer banking business as part of global rejig". The Economic Times. Retrieved 16 April 2021.
  5. "CITIBANK DISPUTES ALLEGATIONS OF LINK TO INDIAN SCANDAL". Joc.com. Retrieved 28 December 2020.
  6. "Citibank Denies India Fraud". The New York Times. Retrieved 28 September 2022.
  7. "Axis Bank-Citi deal likely to be completed by Q4FY23, says MD Amitabh Chaudhry". Moneycontrol.com. Retrieved 27 July 2022.
  8. "Axis Banks proposed acquisition of Citibanks consumer businesses in India strongly positions it for accelerated premium market share growth". Axisbank.com. Retrieved 27 July 2022.
  9. "Intimation of Regulation 51 (1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015" (PDF). Online.citibank.co.in. Retrieved 27 July 2022.
  10. "'Citi India customers now served by Axis Bank': Important points Citi customers need to know". Business Today. 1 March 2023. Retrieved 30 August 2023.
  11. Kayastha, Anshika (10 July 2023). "Axis Bank witnesses rise in attrition rate despite acquisition of Citibank India's consumer business". BusinessLine. Retrieved 30 August 2023.
  12. Gopakumar, Gopika (8 March 2019). "Ashu Khullar appointed Citi India CEO in place of Pramit Jhaveri". Livemint.com. Retrieved 27 July 2021.
  13. Saha, Manojit (8 March 2019). "Ashu Khullar named Citi India CEO". The Hindu. ISSN 0971-751X. Retrieved 27 July 2021.
  14. "Samsung Pay – Citi India". Online.citibank.co.in. Retrieved 21 April 2019.
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