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.

Also Read

Taiwanese SME loans rise in January on more bank loans

Philippine banks report “generally strong” loan growth in Q4

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit