Citis India ops to be among top 5

Mumbai, Nov 29 | Updated: Nov 30 2006, 09:08am hrs
US-based Citigroup which is making large investments in various sectors expects its India business to contribute a substantial amount of total revenue to its global balance sheet. If everything goes well we expect Citigroups India operation to be among the top 5 contributors to the groups total revenue, said Sanjay Nayar, chief executive officer, India, Citigroup, while speaking at US-India Business Summit organised by Ficci and CII in Mumbai on Wednesday.

He also stated that for the group, countries such as India, China and Korea are of key importance and the bank wants to achieve at least 3-7% of the market share in these markets. Further, Nayar said that knowledge outsourcing services, one of the services provided by Citigroup from India, would be one of the key growth-drivers for the group. Knowledge outsourcing services would include providing investment research services, transaction banking analysis. Moreover, these services would be rendered at lower cost.

Microfinance could be one of growth areas for the bank, but the growth needs to be more exclusive. Rural and farm sector can be seen as one of the key drivers for the economic development, especially when the government has set aside nearly $40 billion for the rural programme, he opined.

Explaining further he said, with the development in the rural sector the multiplier effect would been seen in the consumer durable and thus development would happen in other areas too.