Global banking major Citibank, one of the worst hit during financial crisis of 2008-09 is eyeing the retail segment, again. The bank plans to focus on the country’s “emerging affluent” — individuals who enter the workforce with an annual income of around Rs 3 lakh.
“We have decided to focus on the emerging affluent, which is amongst the fastest-growing segment in India,” Anand Selvakesari, country business manager, global consumer group, Citi India, told HT.
The bank will focus on a “segment-led approach” to expand in India, said Selvakesari. “We have identified segments and besides salaried, affluent, high net worth and non-resident Indians (NRIs), emerging affluent will be one of our main focus areas.”
According to estimates, there are about 16 million emerging affluent households in the country.
A recent study undertaken by Citibank on the emerging affluent revealed that this segment typically feels “ignored" and believes that it is not getting serviced. “We want to service this segment and cater for their specific and growing needs,” said Selvakesari.
Though the country’s growth rate fell to much below expectations, Selvakesari said that it was not a cause for concern. “We believe that the fundamentals are still very strong and there is enough scope for growth and Citibank remains committed to the India market.”