Citi will exit onshore private banking in India, Euromoney can exclusively reveal.
The decision is part of a wider plan by the US bank to get out of 13 Asian and EMEA markets, announced in April by incoming CEO Jane Fraser.
It has no active plans to scrap its onshore private banking and wealth management services in any of the other markets it is leaving.
Citi’s strategy is to redirect capital and human resources to serve a growing army of wealthy non-resident Indians (NRIs) who are putting their wealth to work in a select set of offshore markets, including London, Dubai and Singapore.
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