Post Citi Group, FirstRand Bank Intents to Withdraw from Indian Market

Following Citi Group, another foreign bank is planning to withdraw from the Indian market. On April 15, Citi Group announced that it is existing 13 markets including India. Post that, South Africa's second-largest bank FirstRand Bank is all set to exit Indian operations.

FirstRand Bank has been trying to build a local franchise across the country for more than 12 years now. It is a licensed financial services provider in India and a fully-fledged branch of FirstRand Bank Limited South Africa.

The news report stated the plan of closing India business was informed through a video conference to FirstRand’s staff. However, CEO Rohit Wahi too confirmed the news. Furthermore, he shared a statement confirming the shutdown of its only branch in Mumbai and a retreat into a limited representative office.

In the meantime, American multinational investment bank and financial services Citigroup shut their retail banking operations in 13 countries including India and China. This initiative by Citi Group was part of its ongoing strategic review which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.