India in Citigroup's top 5 focus areas

Citigroup ranks India among the top five markets in the world in terms of its focus areas. Among other priority markets, the United States continues to be a key, along with China, Brazil and Turkey.

Citigroup's chief financial officer and head of strategy, Sallie Krawcheck, flew down last week to take stock and review Citibank's Indian business.

Speaking to Mumbai reporters last night before catching a late night flight back to the US, Krawcheck said that India is one of the top five focus markets for Citibank.

Stating that India has been an attractive market for the Citigroup for some time, she said, "Consumer banking will be the key growth driver in India, where Citigroup's investments have touched $1 billion." She declined to disclose Citi's local investment plans or growth strategies.

Krawcheck was been named one of the most powerful women in business for three consecutive years from 2002 to 2004 by the Fortune magazine. She was also dubbed the 'most influential person under the age of 40' by the same magazine in 2003. The Time magazine called her on of the "global business influentials".

Krawcheck's first visit to India comes at a time when the Reserve Bank of India (RBI) has unwrapped the roadmap for foreign banks' expansion plans and in the wake of consolidation taking place among private sector banks.

Though she declined to reveal any future plans of the Citigroup in terms of acquisitions, stating that "acquisitions are not on the bank's agenda", and that Citigroup would focus on organic growth in all its markets, Krawcheck is responsible for mergers and acquisitions as well as strategic planning.

Today the top priority for Citigroup is to become the most respected entity across the globe. This comes especially after the US financial giant has faced a series of penal actions by regulators in various markets including Japan, the US and India among others.

Krawcheck emphasised when speaking to the media that Citigroup would abide by the existing regulations, adding: "We are here for the long run.

Citibank has deep roots in India, dating back for over 103 years." Citibank sees itself as a "local player" in India employing 14,000 people directly and about 44,000 people indirectly.

Citigroup opened its first office in India in 1902 and its operations today encompass a global corporate and investment bank and a consumer business under the Citibank and CitiFinancial brands.