Search

IN FOCUS
LENDING & CREDIT | Staff Reporter, India
Published: 29 May 12
1100 views


Citibank India to expand consumer banking

Citigroup, Inc plans add one million new customers from India’s middle class as it expands its credit card business.

The consumer business contributed 41% of Citi India's total revenue of US$1.48 billion in the year ended March 31, 2011.

Citi India expects the unsecured credit card and personal loan segment to swell by 25% to 30% this financial year through March 2013, and the mortgage lending business to grow 15% to16%.

Improved risk assessment of customers and the rise of new credit bureaus have been cited as factors in Citi India’s renewed foray into credit cards. It previously took a large hit from massive credit card defaults following the global economic crisis of 2008.

"Though there are uncertainties, the trends are pointing toward potential opportunities, and we are focused on the right target segments," said Anand Selvakesari, who heads Citibank's India consumer banking business.

Spending through credit, debit and prepaid cards in India grew 28% between 2009 and 2011 to US27.1 billion. Some 60% of the total spending was through 17 million credit cards, while 33% came from 280 million debit cards.
 



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Citigroup, Inc., credit cards

LATEST LENDING & CREDIT JOBS »
  • No jobs posted on this category.
    PRINT ISSUE »

    Subscribe Now
    Chinese banks to suffer from thinner NIM as the central bank’s rate cuts take effect

    4 views

    Banks urged to make digital services accessible as non-bank entrants step up

    6 views

    In Asian cash management, customisation is now king

    11 views

    MOST READ EXCLUSIVES

    BNP Paribas Wealth Management Singapore's new CEO eyes rapid development of digital solutions

    BNP Paribas Wealth Management Singapore\'s new CEO eyes rapid development of digital solutions

    Ernest Leung plans to invest more in technology.

    by STAFF REPORTER
    13 May 2015 | 643 views