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Citi not to exit consumer finance business in India

Citi not to exit consumer finance business in India
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First Published: Thu, May 15 2008. 12 46 PM IST
Updated: Thu, May 15 2008. 12 46 PM IST
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Mumbai: Citigroup has no plans to exit its consumer finance business in India, the head of its Indian unit said on Thursday.
“We are only repositioning and resegmenting the products. Consumer finance is important for India,” Sanjay Nayar, chief executive at Citi India, said on the sidelines of a news conference.
He said returns from Citi’s Indian business have been “satisfactory” but declined to elaborate.
Nayar also said Citibank India had raised about $500 million in an infrastructure fund with Infrastructure Development Finance Co Ltd.
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First Published: Thu, May 15 2008. 12 46 PM IST