Citigroup plans to shut 5 branches in India

Citigroup, the largest foreign lender in India by assets, plans to shut about 10 per cent of its branches in the nation as more customers switch to the firm’s digital platforms to conduct their banking transactions, people familiar with the matter said. The lender, which has 44 branches nationwide, may close about five outlets to focus on larger cities and wealthier clients, said sources.

Citigroup Inc, the largest foreign lender in India by assets, plans to shut about 10 per cent of its branches in the nation as more customers switch to the firm’s digital platforms to conduct their banking transactions, people familiar with the matter said.

The lender, which has 44 branches nationwide, may close about five outlets to focus on larger cities and wealthier clients, according to the people, who asked not to be identified because the information is private. Citigroup will redeploy staff affected by the closures and doesn’t plan to reduce any headcount from the move, they said.