Yes Bank reportedly has plans to buy the retail assets of Citi India, including credit cards and wealth management.
This move comes as Citigroup is set to exit its consumer franchises in 13 countries, including India.
Business Today quoted Citi CEO Jane Fraser as saying: “We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”
Yes Bank joins a list of parties looking to acquire Citi’s Indian operations. Last month, several banks were reported to be vying for parts of Citigroup’s Asia consumer operations.
DBS group, Standard Chartered, Kotak Mahindra Bank and Axis Bank showed interest in Citi India business, reports said.
Yes Bank chief executive Prashant Kumar said in a media interview: “We would definitely explore that opportunity; I think they are running a process.
“Once all of that is in the public domain, we would definitely like to explore not only credit cards but also wealth management and retail business. Then, depending on our appetite, we would take a call.”
Citi India operates 35 branches and caters to 2.9 million retail customers. This includes 1.2 million bank accounts and 2.2 million credit card accounts.
The unit covers retail banking, wealth management, credit cards and mortgages. It works in financial services products distribution, investment banking operations and treasury and trade solutions.