Dear Customer,
We thank you for your continued patronage at Citi.
Recently, Citi announced its decision to focus its Global Consumer Bank presence in Asia, Europe and the Middle East to key global wealth centers and exit other markets. In line with this, Citi will pursue an exit from its consumer franchise in India.
We understand you may have questions around our operations in India post this decision.
Kindly refer to the below FAQs for more details:
- 1) Post this decision, what will be the impact on my existing Citi Suvidha Salary Account?
There is no immediate change or impact to the existing account/relationship with Citi. We are committed to ensuring that customers continue to receive the best services, and we will continue to operate as usual. Consumer operations, including all branches, call centers and offices, continue to operate as they do today. We will keep all stakeholders informed of updates as they materialize to ensure minimal disruption to account operations.
- 2) Will there be an impact on associated products & features like reward points, account details, credit cards, personal loans, digital platforms?
There is no immediate change or impact to the account related products and features with Citi.
We remain committed to serving you with the levels of excellence you have been accustomed to.
- There is no impact to your account, Credit Cards, Personal Loans or any other Citi products.
- You can continue to use Citibank Online and mobile banking, CitiPhones and all other channels - we are keen to serve you.
- Your reward points, across both Credit and Debit Cards, continue to accrue and remain available for your use.
- We continue to bring great offers and propositions to you, across your Citi Credit and Debit Cards.
- 3) What is the rationale behind the decision?
Recently, Citi announced its decision to focus its Global Consumer Bank presence in Asia, Europe and the Middle East to key global wealth centers and exit 13 other markets. In line with this, Citi will pursue an exit from its consumer franchise in India.
Citi is re-focusing its Global Consumer Bank presence in Asia and EMEA on the four Global Wealth Centers - Hong Kong, London, Singapore, and the UAE.
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- 4) Why should I continue to be a Citi client and keep my accounts with you after this announcement?
We remain committed to serving you with the levels of excellence you have been accustomed to. The transition will completed over time, and in an orderly fashion, with due notice. Till then, all our banking operations in India, including our digital channels, branches, service centers and your relationship teams, continue to operate as they do today.
There is no change in the way Citi serves its customers in India as a result of this announcement.
You are our priority, now and always.
- 5) What are the expected timelines for this transition?
We currently do not have definitive timelines, but the transition will completed over time, and in an orderly fashion, with due notice. In the meantime, there is no change in the way Citi serves its customers in India as a result of this announcement.
Consumer operations, including all branches, call centers and offices, continue to operate as they do today.
- 6) Will Citi reach out to me in case of any further new developments?
The transition will completed over time, and in an orderly fashion, with due notice. We will keep all stakeholders informed of updates as they materialize.
As a seasoned financial industry expert, I bring a wealth of knowledge and experience to shed light on the recent announcement by Citi regarding its decision to focus its Global Consumer Bank presence. Over the years, I've closely followed developments in the banking sector, staying abreast of global market trends and financial institutions' strategies.
Let's delve into the key concepts mentioned in the customer communication:
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Citi's Global Consumer Bank Restructuring:
- Citi has made a strategic decision to concentrate its Global Consumer Bank presence in specific regions—Asia, Europe, and the Middle East. The focus is on key global wealth centers, including Hong Kong, London, Singapore, and the UAE.
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Exit from Consumer Franchise in India:
- As part of this strategy, Citi will exit its consumer franchise in India. This involves a transition and an orderly exit from the Indian market.
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Impact on Existing Citi Suvidha Salary Account and Operations in India:
- There is no immediate change or impact on existing Citi Suvidha Salary Accounts. Consumer operations, including branches, call centers, and offices in India, will continue to operate as usual. The commitment is to provide uninterrupted services and minimal disruption to account operations.
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Impact on Associated Products & Features:
- There is no immediate change or impact on associated products and features, including reward points, account details, credit cards, personal loans, and digital platforms. Customers are assured that Citi remains committed to serving them with the same level of excellence.
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Rationale Behind the Decision:
- Citi's decision is driven by a strategic refocusing of its Global Consumer Bank presence in Asia and EMEA. The goal is to concentrate on key global wealth centers, aligning with the broader business strategy.
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Continued Commitment to Clients:
- Despite the transition, Citi emphasizes its commitment to serving clients at the highest standards. The transition will occur over time and in an orderly fashion, with due notice. There is no immediate change in the way Citi serves its customers in India.
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Expected Timelines for Transition:
- Definitive timelines for the transition are not provided in the communication. However, Citi assures that the transition will occur over time, and customers will be informed of updates as they materialize. In the meantime, all operations in India will continue without changes.
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Communication and Updates:
- Citi commits to keeping all stakeholders, including customers, informed of updates as they occur. The transition will be communicated with due notice, and customers can expect to stay informed about any further developments.
In summary, Citi's decision reflects a strategic realignment of its global consumer banking operations, with a focus on specific regions and wealth centers. The communication to customers underscores a commitment to continuity, uninterrupted services, and transparent communication throughout the transition process.
