Citibank likely to hive off consumer banking business in India

Reorganising global consumer operations on the table of new CEO

Citibank NA, the largest foreign bank in India by assets and profits, may close down its consumer banking division.

A Bloomberg report on February 20 says the company is weighing divesting some units in retail banking in the Asia-Pacific region, including those in South Korea, Thailand, the Philippines, and Australia, quoting people familiar with the matter.

Though it did not mention India, overseas sources told Business Standard the Indian consumer banking business of the US bank was under scrutiny and could be hived off in coming months.

Reorganising Citigroup Inc’s international consumer operations is on the table of its new