Bank to scale down units in India

FIRST Rand yesterday said it had decided to scale down its exposure to the retail and banking businesses in India.

The bank said the decision was taken after its strategic review in its operations in India. However, it said it remained committed to India and that its retail and commercial franchises should be in position to compete in the longer term.

The group said it would continue to service its clients’ needs in India.

Chief executive Alan Pullinger said the medium-term operations had become limited as a result of the country’s competitive and regulatory dynamics.

Pullinger said the group would not focus its strategies on growing its businesses in South Africa and Africa.

“FirstRand remains fully committed to those business lines that remain as part of the India branch, particularly the CIB (corporate and investment banking),” Pullinger said. – Manyane Manyane