Mumbai: Citibank has drawn up a comprehensive revival plan for its loss-making subsidiary, CitiFinancial India, a top bank official said.
“We have a comprehensive revival plan for CitiFinancial, in terms of moving the asset base to more stable sectors,” Citibank’s chief financial officer (CFO), Abhijit Sen, told reporters on the sidelines of a Ficci-IBA Banking summit here on Wednesday.
The effort is to take the organization back to profitability, Sen said.
The Citi group is unlikely to sell CitiFinancial and is currently undertaking a restructuring programme to make it profitable.
CitiFinancial India offers personal loans, home loans, home finance and loans against property.