Are you a Citibank customer in India? Nothing will change, say officials

US Banking corporation Citibank on Thursday announced that
it was pulling out of the consumer banking business in 13 countries, including
India and China, in Asia as part of its global business strategy. The consumer banking
sector includes retail banking and home loans among other services

Citibank currently employs around 19,000 people in India,
with 2.9 million retail customers and 1.2 million bank accounts.

Also read: Citigroup to exit 13 consumer banking markets including India, China

So, what changes fro these employees and account holders?

According to a Citibank official, there will be no immediate operational changes or immediate impact for Citibank customers in India.

“…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”, Moneycontrol quoted Citi India CEO Ashu Khullar as saying.

An official said that Citi was not closing down its consumer business but was only exiting. He added that there will be no impact on the existing customers and staff
in India due to this decision. “We will now look for a buyer for the Indian
consumer business segment and will also seek necessary regulatory approvals”, the official was quoted as saying by the website.

Also read: Citibank to exit consumer banking business in India

The official further noted that the corporation would be
focusing more into Indian wholesale business and looking to invest more in the
segment.

Citi entered India in 1902 and joined the consumer banking business
in 1985.