FirstRand Bank, the second largest bank in South Africa after the US giant Citibank, announced the closure of its business in India.
New Delhi. Another foreign bank is set to consolidate business from India, after the announcement of the long-standing American bank Citibank (Citibank) retailing business in India. In fact, FirstRand Bank, the second largest bank in South Africa, has announced the closure of its business in India. The news was given to the employees of Firstrand through a video conference on Tuesday. In response to a question, ET India CEO Rohit Wahi shared a statement confirming the closure of his only branch in Mumbai.
Workers’ job threat
The move is likely to affect at least 50 jobs working in India. The statement said, “After reviewing the strategy of FirstRand in India, it has been decided to convert the current branch into a representative office.
Know when and how it was started South Africa’s First Bank opened its first retail and commercial branch in Mumbai. Africa’s second largest financial group got a banking license in the year 2009. Earlier, First Rand Bank was doing investment banking business but later also got into retail business.
Citibank has also changed business from
India, long-time veteran American bank Citibank is preparing to consolidate business in India. The bank is preparing to close its consumer business from 13 countries including India. The bank said on Thursday that it is going to close its consumer banking business in India as part of Global Strategy. Citibank entered India in 1902 and in 1985 the bank started consumer banking business.
