Banking

Citibank's comprehensive revival plan for CitiFinancial India

  • PTI, Mumbai
  • |
  • Updated: Sep 09, 2009 08:16 IST

Citibank has drawn up a comprehensive revival plan for its loss-making subsidiary, CitiFinancial India, a top bank official said.

"We have a comprehensive revival plan for CitiFinancial, in terms of moving the asset base to more stable sectors," Citibank's Chief Financial Officer (CFO), Abhijit Sen, told reporters on the sidelines of a FICCI-IBA Banking summit here today.

The effort is to take the organisation back to profitability, Sen said.

The Citi group is unlikely to sell CitiFinancial and is currently undertaking a restructuring programme to make it profitable.

CitiFinancial India offers personal loans, home loans, home finance and loans against property.

 

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