Citigroup, one of the top banking groups in the world,
has said that it is focusing on organic growth in India
rather than embarking on the acquisition route.
is focused towards organic growth strategy. We would like
to take a patient view towards growth of business. We
have a lot of room to grow in India," said Citigroup
Global CEO Charles Prince, who is the first Citigroup
CEO to visit India after five years.
said Citigroup had the patience to go by the regulations
of the Reserve Bank of India. As of now, foreign banks
are not allowed to take over local banks. However, the
RBI has come out with a road map for listing and takeovers
by foreign banks by 2009.
on India as an investment destination, Prince said ample
opportunities exist in India and Citigroup is positive
about Indian growth prospects and the group is retaining
all their earning from the country as investment. He also
stated there has been fresh capital infusion in the bank''s
India operations time to time as per the requirements.
also said that currently the ratio of Citigroup''s earning
from US vis-a-vis other global destinations was to the
tune of 60:40, but thte bank was aiming to reduce it to
50:50 in the next five years. Markets in Asia are likely
to grow rapidly when compared to Europe and Latin America,
has $10 billion in assets and 15,000 employees in India,
including outsourcing unit E-Serve and a finance company
Citicorp Finance Ltd through which it funds retail loans.