Calcutta, Nov. 30: Citibank plans to boost its presence in India by opening new branches across the country and introducing retail products customised for the Indian market.
“We have plans to open 60-70 branches in 45-50 cities in India,” said Sanjay Nayar, chief executive officer, Citibank, India and area head of Bangladesh, Nepal and Sri Lanka, at the century celebrations of Citibank on Friday.
The bank currently has 20 branches in 15 cities. Citibank started its journey in India in 1902 from Calcutta.
Nayar, however, did not give any timeframe within which the bank will open these branches. “It all depends on the Reserve Bank. As soon as we get the licence from them we will open our branches.”
The bank is also planning to come up with more retail products. Nayar said that the big companies are hardly picking up any credit. “We have already entered into the small and medium enterprise segment (SME) for financing. Retail is another focus area,” he said.
The bank provides financial and risk management solutions to companies, financial institutions and SMEs. Over the years Citibank’s SME business has become the largest player in the truck-financing segment.
The bank has a customer base of over 800 companies and FIs. The bank will also focus on credit cards and co-branded cards. “Our Suvidha offering has grown across various cities,” said Nayar.
“The bank has introduced several innovative structures and derivatives solutions to cater to the sophisticated needs of Indian companies while registering strong growth in traditional banking areas through a deeper penetration of existing customers as well as new markets,” he added.