Citigroup to shutter retail banking operations in 13 countries including India

[OM_2K19]

Citigroup to shutter retail banking operations in 13 countries including India

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

 

[drkrack]

Citigroup to shutter retail banking operations in 13 countries including India

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

Let it be Done More Sooner than later...

I'm Fed up with their Spam Emails offering Credit Cards and Promotional Calls for Loans etc. Hopefully this nonsense stops after this. I hope Hdfc & Indus Land Bank Close shutters too, because they're next worst people Doing unnecessary promotional calls!!

 

[MaSh]

Oh, this is a huge change. Did not see this coming. They have been doing quite well especially in the corporate sector. If they are to Sell their business, then I am not sure who apart from HDFC and ICICI can buy.

MaSh

 

[OM_2K19]

Most probably HDFC will acquire their retail business after the necessary regulatory approval. I'll miss their Customer Service.

 

[RRR]

Agreed. Their Customer service was excellent whenever i required it.

 

[oracle1974]

Oh, this is a huge change. Did not see this coming. They have been doing quite well especially in the corporate sector. If they are to Sell their business, then I am not sure who apart from HDFC and ICICI can buy.

MaSh

They are only selling their retail business.

 

[Analogous]

Banks closing down, others being merged, many with huge NPAs, worrying state of the economy, a out of control pandemic, what do I care? I got the music!

note: I am not blaming anyone

 

[MaSh]

They are only selling their retail business.

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.

I guess things will be clearer in coming days.

MaSh

 

[jai1611]

Banks closing down, others being merged, many with huge NPAs, worrying state of the economy, a out of control pandemic, what do I care? I got the music!

note: I am not blaming anyone

They are selling the business in 13 countries. Not India specific

 

[sunilkm]

Will there be any problem for existing account holders?

 

[all4music]

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.

 

[sound1]

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.

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?

 

[OM_2K19]

In terms of Customer Support, I'll probably rate the banks in the following order.

HSBC(10)>Citi(9)>---------->HDFC(6)>--------------------------------------------->SBI(-3)

 

[NewBee2020]

Oh...Fingers crossed to see who will acquire the retail operations in india...I have been using Citibank services for almost 10 years...Their online services are very good and customer care support is of first quality.
I really don't want hdfc bank to acquire... Personally,I had serious issues with them and their customer care is not so good.

 

[OM_2K19]

Is

yes, I think the law guarantees upto 5 lakhs, in case of bank failure or collapse?

Yes, it is...

Does deposit insurance pay you directly for bank failure?

If a bank goes into liquidation, the deposit insurance is liable to pay to the liquidator or appointed officer the claim amount of each depositor up to ₹5 lakh within two months from the date of receipt of the claim list from the appointed officer

www.livemint.com

 

[Analogous]

discouraged to save money in banks. So they will look to invest in other areas

This, combined with a cosy and secretive relationship between politicians and their favorite financial backers promotes what is called “crony capitalism” ?
If more foreign banks shut shop that would be worrisome (rats deserting a sinking ship?)
Indian banks don’t have the choice of shutting down operations in India? Only politicians in power can

 

[Analogous]

They are selling the business in 13 countries. Not India specific

But India is probably the biggest market of them all?

 

[Analogous]

Like old music, sometimes I feel nostalgic for the calm, measured and reassuring style and competence of Dr. Manmohan Singh (without the politicians)

 

[jai1611]

But India is probably the biggest market of them all?

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 India

But 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.

The business is actually profitable

 

[keith_correa]

The business is actually profitable

Exactly! Which is why I said - "focus"