Citibank aims targeted offering at expatriates

Mumbai: Citibank India has announced the launch of a comprehensive offering of banking, financial solutions and other relevant value-added services for the rapidly growing expatriate community in India.

The 'Citibank Account for Expatriates', offers a customisd comprehensive banking and solutions package tailored to expatriate needs, and is the first time ever that Citi has launched such an offering for expatriates in any specific country, anywhere in the world.

This offering is the result of an intensive survey conducted in the third quarter of 2007, whose findings suggested that the expatriate community in India was an under-served segment, and were being offered ''routine'' banking products and services that were suitable to Indian citizens, but not quite suited to their unique financial needs.

Citibank's survey further revealed that because of their special requirements and limited understanding of India-specific processes and procedures, the expatriate community was looking for a long-term relationship approach, cultural orientation, product customization, flexibility in remittances and financial partnership for overcoming location disadvantages.

Also, expatriates locating to India often lacked the resources, support and necessary infrastructure to make their lives comfortable immediately on arrival. 

According to P S Jayakumar, country business manager for the global consumer group at Citi India, around 25,000 expatriate come into India each year, with the majority coming into cities where Citi has a presence, and coming from countries where Citi is present. Accordingly, Citibank has partnered with a diverse set of best in class service providers to develop a package that comprehensively addresses the needs of the expatriate community in India through five distinct offerings.

Jayakumar also released India Maximised: Expat Handbook, a book specially designed to enhance the India experience for expatriates, to help unravel the unique and distinct personality of Incredible India. It serves as a source of information on a wide range of diverse, relevant topics such as economic policies, stock market, applicable tax laws etc. that provide readers a first hand perspective on how to maximize the India opportunity, both personally and professionally.

Citi says that as India's economy grows and becomes more vibrant, it will continue to attract a steadily growing stream of foreign nationals across managerial levels, who are now coming to India to work, contribute and benefit from India's rapid march towards becoming a global economic superpower. Over 80,000 expatriates currently reside in India and this number is (conservatively) estimated to grow at more that 15 per cent every year. A stint in India is viewed as a great learning ground for long-term career success.