Citigroup To Exit India, 12 Other Global Consumer Banking Markets

[minuteman]

Citigroup on Thursday put most of its consumer businesses in Asia and eastern Europe up for sale and said it would focus on wealth management in those regions, as it reported sliding revenues in its lending business.

“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” said Jane Fraser, who became chief executive in February. “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete.”

Citigroup, the third-largest US lender by assets, said it would look to sell its consumer businesses in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Sauce: Financial times, Wealthtyre

 

[Venkata Ramesh Chandra V]

Does it mean they will exit only from banking operations or totally exit from India including credit card business etc.

 

[yougotmehere]

Guess CC is also a lending business and based on the article above they would like to concentrate on the Wealth Mgmt which again doesn't include the CC.

 

[ijsa]

Bhai Chandni Chowk ka Vyapari hi nahi..... Iss mandi se toh CitiBank bhi hill gaya hai...

BTW source was written as sauce sarcastically....

 

[mhsabir]

Maybe they will sell in parts. I wonder if any single entity will buy them out as a whole.

 

[vishalrao]

Hows Standard Chartered bank? My citibank RM is moving there and I'm thinking about moving my savings there too. Any feedback?

 

[royalroy]

Stan chart is terrible when it comes to fraud detection and chargebacks.

Ordeal of Standard Chartered Credit Card users on fraudulent transactions

There has been an alarming increase in report of fraudulent / unauthorized transactions on Standard Chartered Credit Cards by users. In majority of the cases, victims have reported the usage of their Standard Chartered Credit Card on international sites like dmarket.com, neonet.pl etc. The...

cardinfo.in

 

[Smh]

Wtf standard chartered response is worse than govt banks, even when transactions were reported as fraud immediately they did nothing.

 

[manu1991]

Happened with me as well, 1.5 Lacs of international transactions on my standard chartered credit card. Although I just had to fill a form and it was credited back in 2 weeks.

This reminded me I still have their card even though I don't use it. Just went into netbanking and set all limits to 100 Rs.

 

[Smh]

They are using just card number for authentication, no CVV or dates.

Other banks won't approve transactions if buyer name and address is incorrect.

Transactions blocking sms is even not working.