Citibank integrates IFSL with itself

New Delhi, June 11: Citibank India on Monday announced its integration of associates India Financial Services Ltd (IFSL) with the bank. This would augment its consumer finance business to small and medium-sized entrepreneurs.

The move follows Citigroup’s global acquisition of associates First Capital Corporation in November 2000.“The associates’ business is strongly complementary to our Citigroup businesses in India. We expect to leverage our existing strong franchise to enable the associates to significantly enhance its impressive growth,” Citibank chief executive officer Nanoo Pamnani said in a statement here. Associates IFSL is engaged in financing cars, two-wheelers, consumer durables, loans against homes and personal loans through 20 locations in the country.

Citibank’s sales and distribution head PS Jayakumar will take over the charge of managing director of associates from Vishal Pandit. “The associates business model is robust and strategic to Citigroup’s strategy in India. We look forward to associate playing an important role in our plans for India,” Mr Jayakumar said on the occasion.

-- PTI