New Delhi: The world’s largest bank Citigroup will open three new branches in India by February 2008. Plans include making an investment of millions of dollars for its operations in the country over the next 12-18 months.
“Citigroup currently has 39 branches in India and is going to increase it to 42 by February next year,” Citigroup’s Asia Pacific CEO for Global Consumer Group division Stephen Bird told PTI.
“The bank will make multi-million investment for technology upgradation at its India operations over the next 12-18 months,” Bird said, but he did not divulge the exact investment figure.
The global banking giant is also looking to hire 30 new employees for these branches, he said.
“The two new branches will be set up in Nanded and Akola in Maharashtra and the third will come up in Kurnool, Andhra Pradesh,” Bird said on the sidelines of a conference here.
The bank would hire close to 30 people for these three branches, who would be supported by existing back-office employees of the group, he added.
“Indian workforce is fantastic, greatly educated and wonderfully spirited, which has lead to huge demand for this talent globally,” Bird said.
While terming Citigroup as the “net exporters of talent from India,” he said that the bank developes Indian talent in the local market and later move them to the foreign shores to help it competitively run operations there.