Wednesday, April 7, 2010 as of 11:14 AM ET
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup.
Read More at Wikipedia ›Citigroup Inc.
(C) is planning to expand its Indian consumer banking operations by ramping up its credit card business and adding one million new customers from the urban middle class over the next two-three years.The plans are a sharp change for New York-based Citibank, which -- along with several other foreign lenders -- was burned by bad debt not too long ago as the global economic crisis led many customers to default on credit card and personal loan payments.But the environment has become better, with new credit bureaus providing detailed information about borrowers -- which is critical for assessing risk profiles of customers."Though there are uncertainties, the trends are pointing toward potential opportunities, and we are focused on the right target segments," Anand Selvakesari, who heads Citibank's India consumer banking business, told Dow Jones Newswires in a recent interview.He added that Citi India expects the unsecured credit card and personal loan segment to swell by 25%-3...
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