Why did Citibank exit India consumer business?

On 16 April, global banking behemoth Citibank said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India.

The other markets are Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

Although Citi's exit from consumer business is part of a global decision, it had its own – and good - reasons to review retail operations in India as well.

Over the years, Citibank has been facing challenges from local competitors in India. The lender has been steadily losing market share. "If you are not among the top three players in a market, then the question is whether you want to be in that market at all," said Sanjiv Bhasin, former India head of DBS Bank and a veteran Indian banker who has spent long years abroad in the business.

Citi’s share in retail business has been falling over the years and local competition has intensified.

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