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Citi to open 3 branches in India

Citibank India has received RBI approval to open three new branches. This will expand the bank’s presence to 45 branches in 33 locations across the country from the current 42 branches, says Anand Selvakesari, the country business manager for Citibank India. The new branches will be opened over the next couple of months in the western Indian cities of Nagpur and Thane as well as the southern city of Sreilingampally, he said. The bank last received an approval to open a branch in 2009. This is in line with Citibank India’s strategy of gradually ramping up operations instead of setting up a local India subsidiary. Citibank, along with Standard Chartered and HSBC, are the country’s top three foreign banks in terms of number of branches and assets. All three have been in India much before August 2010.

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