![]() ![]() ![]() Still, some large foreign institutions are betting on growth in the two markets, targeting areas such as wealth management. In contrast, lending books for state and private banks grew more than 6% during this period, according to the RBI. The lenders’ loans shrank 5.7% in the quarter ending December after contracting 7.1% three months prior. Of the 46 foreign lenders, just DBS and State Bank of Mauritius operate as subsidiaries.įoreign banks haven’t expanded their loan books substantially over the past 18 months. Instead, they’ve largely remained operating as branches, underscoring their reluctance to expand and offer a wider range of financial services. In India, where return on average assets is higher than local competitors, international banks have mainly shunned requirements to set aside additional capital and establish local subsidiaries. ![]() “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.” “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Citigroup’s Fraser said. The lender said it will continue to serve corporations and private banking clients in the markets tagged for sale. Citigroup is also shuttering retail banking operations in countries from Australia to Indonesia and South Korea, according to a statement Thursday. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |