Mumbai, Oct. 14: Citigroup, the global financial services company, is planning to take the organic route to growth in India, as the country is rated among the top four markets globally in terms of business prospects, said Charles Prince, chief executive officer of Citigroup.
Prince, who is on his maiden visit to India, today dedicated the Citigroup Centre for Financial Literacy to the Indian School of Microfinance for Women here. The centre will provide training to CEOs of grassroots microfinance institutions as well as industry practitioners in financial education.
Prince’s comments on taking the organic route to growth comes at a time when foreign banks are finding it difficult to grow through acquisitions due to Reserve Bank regulations.
He said, while Citigroup has a “lot of room to grow in India”, it has focussed on organic growth for banking and non-banking businesses.
According to the CEO, organic growth will fuel Citigroup’s businesses across the globe.
It will also look at acquisitions to supplement this strategy in an effort to add to shareholders’ value.
Prince, who met finance minister P. Chidambaram on Thursday, said the Indian economy is posting an impressive growth rate and efforts should be made to enhance it further.
“We are bullish on India with respect to our growth strategy,” he said.