In what’s termed because the ‘finish of an period’, Citibank has taken down its signboard from its landmark Kanak Building workplace on Kolkata’s Chowringhee street. The transfer comes within the wake of Axis Bank’s acquisition of Citibank’s India client enterprise.
Notably, American banking main Citi entered India in 1902 and began the buyer banking enterprise in 1985. It was on the Kolkata workplace the place the financial institution began its operations in India. However, as a part of the rebranding train with Axis financial institution, the landmark signboard has been eliminated.
Last 12 months, Axis Bank introduced it will purchase US-based Citi’s client enterprise in India for ₹ 12,325 crores in one of many largest offers within the Indian monetary companies house, which can assist it shut the hole with bigger friends like ICICI Bank and HDFC Bank.
“Axis Bank has grown all these years organically and has scaled effectively. But our aspirations are larger. This deal offers us that strategic thrust to shut the hole between us and a few of our friends,” its chief government and managing director Amitabh Chaudhry informed reporters after the deal.
It was in 2021 that Citigroup introduced its plans of exiting 13 worldwide client banking markets, shifting its focus to wealth administration and away from retail banking in locations the place it’s small. ”Citigroup will depart China, India and 11 different retail markets, the place “we do not have the dimensions we have to compete,” stated Citi Chief Executive Jane Fraser.
Not simply Citi, a number of different overseas lenders have reduce their presence within the nation attributable to a slew of causes, together with world methods and technological shifts like automation and on-line banking.
Earlier in 2012, British banking main Barclays massively scaled down India operations by closing a 3rd of its branches in non-metro areas.
The Commonwealth Bank of Australia, Royal Bank of Scotland Plc, Deutsche Bank, and HSBC are another overseas banks which have both winded up their enterprise within the nation or scaled down India operations.
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