Even after exiting its retail business, Citi still holds the position of the biggest foreign bank in India according to Citibank India CEO Ashu Khullar. The bank has successfully moved forward keeping its position in corporate banking, foreign exchange and institutional services.
“For the financial year 2024 Citi was the biggest foreign bank in terms of revenue in India,” said Khullar. The bank has been involved in big ticket transactions like the Disney Reliance deal, American Towers sale and IPO of Hyundai, Swiggy and Hexaware.
Khullar who is set to take up an international post in London said Citi decided to exit retail banking as a strategic decision under the new CEO Jane Fraser. The focus now is on cross border banking and providing global clients with most competitive advantages. “We are the biggest corporate FX player and have 36% market share of all FPI custody assets,” he said. Citi is also contributing to the development of digital payment platforms with the help of the digital infrastructure developed by the Government of India.
The bank’s force is not only in the financial sector but India is a critical talent pool. “We have five global capacity centers with more than 30000 employees who are engaged in performing high end tech and analytics work,” Khullar said. Two thirds of Citi’s technology related work is currently being done from India.
