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Africans Should Not Worry About the Departure of Foreign Banks
The presence of international banks and multinationals in fragile African economies often carries more harm than good but our western based education has trained us to think otherwise. Some of our thinking’s as Africans are preset mindsets that lean towards our colonial masters. Actually majority of Africa’s elite unknowingly are conditioned to be agents of neocolonialism. Subconsciously we may…
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I’ ll Publish Documents On Ghana Politicians Saving At Foreign Banks On 2024 -Captain Smart
I’ ll Publish Documents On Ghana Politicians Saving At Foreign Banks On 2024 -Captain Smart
The king of Ghana morning show Gods Brain captain smart has hinted that he has document in possession which he will release on 2024. READ ALSO :Construction works begins on suame magazine ,makro road After The Heavy Demonstration According to captain smart ranting on onua tv morning show, nobody can stop him from releasing the document he has in possession in may 2024. There is question as to…
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Citi joins foreign banks scaling down India ops under global strategy
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore.
Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India.
In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Under the deal, the US-based Citi will sell consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citi's scaling down of operations in India is part of its strategy to exit retail businesses in 13 markets to conserve capital and focus on higher-yielding revenue streams. It had entered India in 1902 and started the consumer banking business in 1985.
Foreign banks vie for bigger slice of home loan market
Balance transfers have turned out to be a preferred option for foreign banks as they are easier to source. They are considered safer, too, as the lender gets a snapshot of the borrower’s repayment track record. Taking advantage of record low interest rates and higher affordability of homes, foreign banks with presence in India are making an aggressive push into the home loan market. In the run-up…
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Why Are Foreign Banks Leaving India?
Is India witnessing an exodus by foreign banks?
Two banks - Citi and FirstRand - have withdrawn or scaled back their operations in the country recently.
Over the years, many prominent banks of foreign origin have gradually retreated from India citing lack of operational bandwidth, stricter compliance requirements and heavy competition from domestic banks.
Are they right? Is our banking landscape not conducive to foreign banks by design? Most importantly, to what extent do we depend on foreign banks' contribution for our economy?
Read further on these interesting points and more by clicking on the link below.
https://transfin.in/why-are-foreign-banks-leaving-india
Do you want to know how many best foreign banks are there in India? India has dozens of public sector banks, private banks and foreign banks. Foreign banks have been making a significant contribution to India’s economy.
