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DBS Bank eyeing Citi’s biz in India

DBS Bank is in talks with Citigroup for the India business it is proposing to exit as part of its global plan to cease operations in 13 markets. Citi is understood to be wanting to sell the India consumer banking business in one go and has initiated talks with DBS in this regard. The talks are in advanced stage too according to banking sources. A DBS spokesperson did not deny the talks saying the bank has always been open to exploring sensible bolt-on opportunities in markets where it has a consumer banking franchise (India, Indonesia, China and Taiwan) and where it can overlay its digital capabilities. Other Indian banks too are keen on getting the business, especially the credit card business, of Citi. The bank’s credit card business in India had 26.4 lakh customers as of February 2020.

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