Citigroup plans to double its SME credit portfolio in India to $3 billion in the next three years. The plans would be implemented through stepped up presence in areas with SME clusters for enhanced direct lending and by increasing points of presence by forging strategic alliances with other banks.Citigroup India is looking to scale up its presence in the small and medium enterprises (SME) segment and double the SME balance sheet over the next three years, Sandeep Ghosh, director and business manager, commercial banking group at Citigroup India, said on the sidelines of a Ficci-IBA conference on 'Global Banking: Paradigm Shift' here.Citbank India's current SME balance-sheet size stands at $1.5 billion. SME business contributes around 10-15% of Citibank's overall revenue from corporate and investment banking. "The interest rates are at a 1-1.5 percentage point premium as compared to lending to AAA corporates," a Citibank official said.Citibank extends credit to SMEs in the 27 cities where it has branch presence. In cities where it does not have a branch, it is looking at startegic tie-ups with banks and other players to extend its SME presence.
