Financial Sector Update - Citibank Announces Exit From The Retail Business In India: Motilal Oswal
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Motilal Oswal Report
Citigroup recently announced its exit from the retail banking business in India along with 12 other countries.
While the details are not yet known, media reports suggest that the bank is looking to sell its entire retail banking business.
The bank has had a long presence in India, with total deposits/advances of Rs 1.6 trillion/ Rs 665 billion in FY20.
It also has a considerable presence in the credit cards business.
It is the sixth largest player with a total cards base of ~2.7 million and a market share of 4.3%.
In this note, we present a brief overview of the Citibank’s business in India along with key metrics around the credit cards business.
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