March out of retail: Why are foreign banks clinging to corporate banking?

Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space

On March 8, Axis Bank informed the bourses it is yet to take a call on buying out Citibank’s retail business in India, and “as such, no disclosure is required to be made under Regulation 30 of the Listing Regulations.” But the day Amitabh Chaudhry, the bank’s managing director and chief executive officer (CEO), writes a cheque for this expansive slow-cooked deal — speculated to be in the region of $2.3 billion (all-cash) — he will make history.

After all, it was Citibank which had set the template for retail banking in India — the early evangelists being Jerry Rao and