Before taking office, he was the head of capital markets for the Asia-pacific region. Khullar joined Citi in 1988 and worked for Citibank in Europe, Africa, and London. The deal is expected to be completed by Q4 FY 2023.Īshu Khullar was named chief executive officer in 2019. In 2022, it was announced that Citibank India's customer business would be acquired by Axis Bank for ₹12,325 crore ($1.6 billion). The bank said that it does not see enough scale in the consumer business in the 13 markets and believes its “capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.” The bank said that its institutional client group will continue to serve customers in these 13 countries. In April 2021, Citi announced that it will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. In 1992, Citibank was one of the foreign banks linked to the 1992 Indian stock market scam. The bank serves close to 25 lakh (2.5 million) customers ranging from corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households, and individuals. Citi introduced early innovations to India such as the ATM, credit card, 24-hour phone banking, internet banking, and instant SMS alerts.Ĭiti India is backed by a network spanning 98 markets across the world.
Currently, Citigroup, the owner of Citi India, is one of the largest foreign direct investors in financial services in the country. History Įstablished in 1902 in Calcutta ( Kolkata), Citi India has a long history. On 15 April 2021, after 119 years in India, Citibank said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan. Although headquartered in Mumbai, the bank has most of its workforce based out of Chennai followed by Mumbai and Gurugram. Citibank India's services are investment banking, advisory and transaction services, capital markets, risk management, retail banking, and Cards.
It is a subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States.
Its Indian headquarters is at Bandra Kurla Complex, Mumbai, Maharashtra. Citibank India is a foreign bank in India with a full service onshore platform.
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