We will double down on India, says Citigroup CEO (India) Ashu Khullar

'The consumer business has over the years become largely dominated by domestic players, not only in India but globally'

Nearly four decades after having pioneered and run an aspirational retail banking business in the country, Citigroup’s move to jettison it came as a surprise. In his first media interview after the sale of its retail business to Axis Bank, Ashu Khullar, chief executive officer (India) and its regional head for South Asia, spoke to Raghu Mohan on the strategic thinking behind the move and the plot ahead. Edited excerpts:

What was the strategic thinking behind the decision to exit retail banking in India after having pioneered it back in the 1980s?

Jane Fraser, who took charge as global chief executive officer