Citibank to revamp retail business, expects 30 per cent growth in 2007

Citibank is all set to change it business strategy in India and expects the revamp to bring in a 30 per cent growth in business this year.

The bank will get credit-card holders and borrowers to become account holders as well. Citibank plans to increase business volumes without increasing costs by the use of technology and cutting down process.

The average growth expected is a 30 per cent this year, against an industry average of 16 to 17 per cent. In 2006, Citibank’s retail business grew at 21 to 22 per cent, which is lower than the average growth of around 30 per cent in recent years.

The bank also plans to introduce one single form for all products. The telemarketing calls are being consolidated across product lines. Alternate channels such as mobile banking are encouraged through free SMS updates.

The bank will continue to offer retail loans to borrowers, but expects the loan ticket-size to increase from Rs 30, 000 to Rs 40, 000 as a result of larger incomes.