So, besides the money, the bank will also look is what is the best fit and makes the transition easier even if that bid is a bit lower than the best on offer," the person cited earlier said.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. "Some of these customers have been with Citi for long. "It has been seen that whenever a financial business is put on the block we see a 5-10% attrition among customers and Citi's numbers are in line with that trend," said a person closely involved in one of the bids.īesides getting good value for the business, the US lender will also evaluate bids based on the right fit for its customers. Kotak Mahindra Bank, Axis and IndusInd Bank are said to have made formal bids to take over the bank's retail franchise.īidders are also aware of the drop in the bank's card portfolio. (If you do not meet the Monthly Relationship Balance Requirements:) 1 of shortfall or Rs. The decline in cards comes as the bank is finding a buyer for its retail business in India, which includes credit cards, savings accounts and personal loans as part of a global decision to exit 13 markets announced in April. "The decline is due to the risk aversion strategy employed by the bank post the pandemic," a person familiar with Citi's business in India said.
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