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Citi plans to grow through online

Citibank India said it is not keen on creating a wholly-owned subsidiary to take advantage of the benefits of more branches as it plans to grow its business through e-banking and digitisation. Anand Selvakesari, country business manager, consumer banking of the bank said as it gets licences, it takes them but as of now, it is not participating in subsidiarisation, but that does not mean that the bank cannot continue to grow. The bank has not expanded its branch network in the last five years in India. Currently, it has 42 branches, and has received the Reserve Bank of India’s approval to set up three more branches last year, which are yet to start operation. Elsewhere, Citi has decided to shut one third of its branches in Korea. The bank said it will cut the number of its branches to 134 from 190 over the next several months and enhance online services for mobile and tablet platforms.

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