Citibank is a subsidiary of US-based Financial Services MNCs Citigroup. On Thursday 15th April 2021, the group announced its exit from Retail Banking Business from India and 12 other nations to focus on their institutional businesses. Hence, moving forward to this article we will see which are those 5 banks that are interested in taking over the Retail Business of Citi Bank in India.
5 Contenders of Citi India’s Retail Business:
i) HDFC Bank
iii) Axis Bank
iv) IndusInd Bank
v) DBS Bank
Citi Bank India Retail Business:
- Out of the total Business of Citi Bank in India, 33.3% of the business is derived from Citi’s Consumer Business.
- The Market Share of Citi Bank’s India Business in the (Loan) Advances Category is very minimal at just 0.6%.
- Whereas in the case of deposits, the Bank is having a market share of 1.1%.
- The Major Business of Citi Bank was on the Credit Card side wherein the Bank has issued around 2.6 Million (26 Lakh) Credit Cards.
- The Bank has opened 1.2 Million or 12 Lakh Bank Accounts as of now.
- Citi Bank is having a Retail Customer base of around 2.8 Million or 28 Lakh.
- Overall, Citi Bank is having only 35 Branches in the country.
Citi Bank Credit Card Business in India:
- Citi Bank is the 6th Largest Credit Card Issuer in the country with a market share of 4% in terms of Card Spends, the same was 20% a decade ago.
- Also, Citi Bank is having 15%-25% higher Card Spends than the Average Spends per Card of the Industry.
Just Like these 5 Banks might be interested in buying the Retail Business of Citi Bank in India, similarly the Citi Bank is very eager to sell off their assets in the low time as the bank has already lost 1 Lakh Customers from the day when the news of winding of Citi Bank’s Business in India came up.