The 13 nations Citibank will pull out from are Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
Let it be Done More Sooner than later...The 13 nations Citibank will pull out from are Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.www.moneycontrol.com
Yes only retail and it's big news. Smaller banks would now be rallying to acquire and that's worry some for those who hold for example citi credit cards as all banks do not have very good customer support.They are only selling their retail business.
As a customer of both Citi and Amex and I definitely echo your sentiments. Any recommendation on an alternate bank for a salary/savings account?I for one sure sure will miss their almost flawless[for me] service. Their online savings account/app are the best. Never had to visit the their branch ever. I've used Citi [Indian Oil] credit card reward points multiple times to redeem for fuel at 100% redemption ratio.
And very recently [last week], they reversed fraudulent transaction worth 1lakh INR on my credit card without much fuss. Amex is very close to Citi in terms CC service if not better and I guess I would have to hold on to ICICI account for savings account transactions.
Yes, it is...Is
yes, I think the law guarantees upto 5 lakhs, in case of bank failure or collapse?
This, combined with a cosy and secretive relationship between politicians and their favorite financial backers promotes what is called “crony capitalism” ?discouraged to save money in banks. So they will look to invest in other areas
India PBT was about 1200cr (around 160m usd, post tax maybe 120m). Global profit was over 11bn so India was a very small part. Exited businesses include South Korea and Australia so India may not be the biggest. Also, they are keeping the corporate business in IndiaBut India is probably the biggest market of them all?
The business is actually profitableBut Citi's retail arm in India did not not make a profit. In fact - it's the opposite. There are different reasons probably much to do with focus.