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HindustanTimes Wed,20 Aug 2014

Citibank's comprehensive revival plan for CitiFinancial India

PTI  Mumbai, September 09, 2009
First Published: 20:15 IST(9/9/2009) | Last Updated: 20:16 IST(9/9/2009)

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

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"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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