Citigroup, the United States of America-based investment banking firm, is expected to assign more global roles to India than any other location it operates in due to the country's outstanding talent pool, according to Jane Fraser, Citigroup's Chief Executive Officer, in an interview with CNBC-TV18 on Wednesday, March 19.
Fraser also expressed optimism that India will remain the world's fastest-growing economy. While the China+1 advantage is a bonus, India represents a real opportunity, given its strong domestic market and the government's encouraging initiatives to enhance economic growth.
“The benefit of this country is that it has an extraordinary cadre of highly technical, hardworking, and creative individuals. That is where the country’s competitive advantage lies, and this should give confidence to the country and everybody,” Fraser said.
“I am expecting to put more global roles here than in other centres because of the talent,” she added.
Claiming that this was “India’s decade,” Fraser added, “There is direction in the economy from the government that makes most people bullish about India,” Business Standard reports.
She further praised the Indian government for its investments in digitisation, infrastructure, and a green economy, all of which would propel India as one of the biggest and fastest-growing economies in the world.
Citi announced in 2021 that it would depart the consumer banking sector in 13 countries: Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
In India, Citi sold its consumer banking operations to Axis Bank, the country's third-largest private sector lender, for Rs 11,603 crore.
Fraser highlighted that Citi has increased its assistance for Indian enterprises operating both worldwide and domestically, as well as foreign investors that see India as a long-term growth opportunity.
“I am proud that we are now larger in India than we were when we owned the consumer bank. It shows that our strategy is working. We generate more revenue now than we did when we had our consumer franchise,” she said.
