Mumbai: Citigroup said it has appointed bank veteran Muge Yuzuak as head of its cards business in India as it looks to expand its presence in Asia’s third largest economy.
Yuzuak, who has been with the US bank for 16 years, replaces Sandeep Bhalla, who has been named Citi’s retail banking head in India.
Fewer than 18 million of India’s 1.2 billion people use credit cards. In China, a country with a slightly higher population, more than 200 million credit cards were in use as of a year ago.
Private lender HDFC Bank and foreign banks such as Citi and Standard Chartered are the most active card issuers in a country where state banks have 70% of the overall loan market.