Citicorp Finance reworking business strategy to focus on corporate lending

Banking sources said Citigroup is in an advanced stage to sell its consumer business unit in India.

Citicorp Finance (India) (CFIL) is reworking its business strategy to focus on corporate lending in the country. This follows Citigroup’s decision to exit consumer finance in India.

Besides corporate loans, which have a 13 per cent share in its asset books, CFIL continues to offer other institutional lending products.

Rating agency CRISIL, while reviewing CFIL, said the company will continue to play a strategic role in India and complement Citigroup’s suite of offerings. It affirmed its ‘AAA’ rating on the bank facilities of CFIL.

The ratings factor in the comfortable capitalisation of CFIL, supported by low non-performing assets (NPAs) and its diversified resource