Citi group is a multinational investment banking companies. It provides all kind of financial and banking services in the areas it operates and it has its headquarters in New York. Citi group is predicting a yearly growth in the banking business related to the corporate sector of India to stabilize up to 10% as its primary focus is on institutional business after relaxing their consumer banking business in more than 12 markets. Earlier this year Axis bank which is an Indian based bank bought the consumer franchise of the Citi.
A key executive has said that the revenue from the Indian banking business will rise up to 10% a year in the form of dollar and this is expected to happen within three to four years which will sum up to 16 to 17% in rupee contemplating depreciation. Mr. Balasubramaniam who is the head of corporate bank, south Asia has informed Reuters on 21st of July about elevating the hiring. The said growth would be higher than the country has witnessed in the last couple of years and much faster than any other country where the bank operates. By March 2021, Citi banks earnings from corporate banking summed up to 85.13 billion rupees ($1.07 billion) which made them the largest contributor in its business.