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Yes Bank may explore acquisition of Citi's retail assets in India

Citigroup had on April 15 said it close its retail banking operations in 13 countries across Europe and Asia, including India.

May 03, 2021 / 08:47 AM IST
YES Bank might bid for Citi's retail assets in India (Image: ANI)

YES Bank might bid for Citi's retail assets in India (Image: ANI)

 
 
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Yes Bank may join the list of suitors for Citibank's consumer/retail operations.

Yes Bank's Chief Executive Officer (CEO) Prashant Kumar told Mint that the private lender would evaluate acquisition of Citi's retail banking assets, including credit cards and wealth management.

Also read: Why did Citibank exit India consumer business?

"We would definitely explore that opportunity; I think they are running a process. Once all of that is in the public domain, we would definitely like to explore not only credit cards but also wealth management and retail business. Then, depending on our appetite, we would take a call," Kumar told the paper.

Citigroup, on April 15, said it had closed its retail banking operations in 13 countries across Europe and Asia, including India.

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Also read: Race For Citi India assets | HDFC Bank may join long list of suitors

Citigroup CEO Jane Fraser said the company had "lacked the scale to properly compete in the 13 markets it is leaving".

Moneycontrol previously reported that some Indian and foreign banks are mulling potential bids for Citibank's retail assets in India. This list includes HDFC Bank, ICICI Bank, Kotak Mahindra Bank, HSBC and DBS.

Also read: DBS, other rivals may be taking a closer look at Citi's India retail assets
Moneycontrol News
first published: May 3, 2021 08:47 am

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