Games foreign banks want to play on Indian turf

They are not willing to explore the mass market, fighting it out with local banks. The new target is the cream of retail business, which has been growing at a speed never seen before

In March, just a week before Citibank India announced the sale of its consumer assets to Axis Bank Ltd, the Hongkong and Shanghai Banking Corp Ltd, India (HSBC India) put out a half-page advertisement in leading business papers, asking: “What’s beyond the city?” The answer? “Only the entire world.”

The British bank was wooing customers of the US bank in India.

Once the deal was announced, Axis Bank, the acquirer, retaliated, releasing an ad that said: “The city never closes. It stays open.” The fine print added, “Welcome to a world of unparalleled privilege, unmatched service and constant growth.” (Remember the slogan,