Describing itself as a 'deeply-entrenched domestic bank' in India, global banking giant Citi's Indian arm says it sees a tremendous opportunity for itself from the government's 'Make in India' campaign.
Many global multinational clients of Citibank have evinced interest in having a larger footprint in India and to invest more here, which gives it a significant opportunity to participate in the government's Make in India programme, Citi India CEO Pramit Jhaveri said.
"I believe there is a tremendous opportunity for a bank like ours to contribute meaningfully to the 'Make in India' philosophy as articulated by Prime Minister Narendra Modi," Jhaveri told PTI in an interview here.
"Many of our global multinational clients, from around 50 countries, are our clients in India. India is now amongst the most strategically important markets for these clients, which was clearly not the case 6-7 years ago and this is a major change.
"Our conversations with many of them, suggest that they would like to have a larger footprint in India and want to invest in India. I think this fits in very well with the ‘Make In India’ theme and provides us with an opportunity to work with them in achieving their strategic objectives," he added.
Jhaveri said that Citibank has been been in India for 112 years and over all these years it has played a meaningful role in terms of pioneering and innovation for the industry, and in contributing to the globalization aspirations of corporates in and outside India.
"Today, we would like to be viewed as a deeply entrenched and well connected domestic bank with a strong digital and global platform that contributes to the economic progress of all our target client segments," he added.
On the way ahead for Citibank in India, Jhaveri said, "Our strategy going forward is straightforward. It is a subset of our global strategy, it is built around and driven by the needs of our Indian clients and it is based on what we are permitted to do by local regulations.
"Both institutional and consumer banking are integral parts of our strategy. Yes, we only have 42 branches after 112 years, but we have built a business model and a mindset that allows us to operate successfully within that physical constraint."
It has an employee strength of nearly 10,000 people and posted Profit After Tax of Rs 2,893 crore for fiscal 2013-14. It is present across all segments of banking services including retail and wholesale banking. Its products and services are organised mainly under two major segments -- Institutional Clients Group and Global Consumer Bank.
It is a major player in the credit card market for retail consumers, while in corporate and investment banking segments it has leadership positions in areas like M&As, equity markets and international bonds.
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