Close on the heels of splitting its worldwide business into two, financial services provider Citigroup today said it remains one of the largest foreign investors and a leading full-service bank in India.
"Citi is among the largest foreign investors in India, continuously investing new capital and retaining earnings in our India operations, making us one of the largest full service banks in the country," the American financial services behemoth said on Monday.
After reporting losses for fifth consecutive quarters, totalling nearly 28 billion dollars, Citigroup announced late last week that it would split its business into two in an effort to revive its business floundering under huge losses.
"Our operations across the world and in India are solid and our exceptional access to funding across the globe provides us with robust levels of liquidity," Citi said in a public announcement, adding that "more than ever before, Citi never sleeps."
"Our unchanged mission is to help you save, borrow and transact and provide advice that helps achieve your financial aspirations," Citi said.
Media reports have said that after its worldwide split, Citi may hive off its Indian retail financing arms --Citi Financial and Citi Maruti Financial -- and later sell them off.
{{/usCountry}}Media reports have said that after its worldwide split, Citi may hive off its Indian retail financing arms --Citi Financial and Citi Maruti Financial -- and later sell them off.
{{/usCountry}}In its fourth-quarter results for worldwide operations, Vikram Pandit-led Citigroup had said that its Asian operations were hit hard by rising credit costs in India. For the quarter ended December 31, 2008, it posted a loss of USD 8.29 billion in the fourth quarter against a loss of USD 9.83 billion a year-ago.