Citibank

Citi has appointed Kaustubh Kulkarni, former JP Morgan India country officer, as co-head of investment banking for Asia Pacific, with his new role effective from December

There's a new but familiar face coming to the world of high-end credit cards. Citigroup is launching the Strata Elite Card, the bank's latest attempt to grab a piece of the high-fee, high-rewards credit card market that's dominated by American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card. The card, which is priced less than the Platinum Card and the Sapphire Reserve Card at an annual fee of USD 595, will offer points multiples for certain types of spending, like hotels, car rents, air travel and restaurants. Additionally, the card will offer points for everyday spending, as well as a USD 300 hotel credit and a USD 200 splurge credit at brands like Best Buy, Live Nation and others. Citi has had other forays into the high-end credit card market. The company launched Citi Prestige in 2013 as a direct competitor to the American Express Platinum Card, and the card won high praise from travel fanatics when it debuted for its hefty rewards program and perks. But Prest

Shares jumped 3.3 per cent after the bank announced it would buy back at least $4 billion in stock in the third quarter

Citibank has expanded its investment banking team in India from 28 to 38 over the past year and plans to continue adding bankers to meet the growing opportunity, country head said

Fraser also expressed confidence that India will remain the world's fastest-growing economy

The near-miss in Citigroup's wealth-management business magnified the intended amount by more than a thousand times and was detected on the next business day

The action was based on supervisory findings following a statutory inspection of the companies for their financial position as of March 31, 2023

Balasubramanian, a seasoned banker, has worked in multiple markets, covering clients across major industries and geographies in India

The third-largest US lender's dealmakers joined rivals at JPMorgan Chase and Wells Fargo in benefiting from a rebound in capital markets as corporate clients issued more debt and equity

Citigroup was told to address its data management issues in the US after being fined $136 million in July which has added complications in meeting China's licensing requirements

Leading depository CDSL and global lender Citibank N.A. on Tuesday settled with Sebi cases pertaining to the alleged violation of regulatory norms after paying settlement charges. CDSL and Citibank N.A (DDP) paid Rs 1.3 crore and Rs 40.2 lakh, respectively, towards settlement charges, according to separate orders passed by Sebi. The orders came after Central Depository Services (India) Limited or CDSL and Citibank N.A. filed applications with Sebi proposing to settle the instant proceedings initiated against them, "without admitting or denying the findings of facts and conclusions of law" through settlement orders. In view of the acceptance of the settlement terms and the receipt of the settlement amount, the instant adjudication proceedings initiated against CDSL and Citibank N.A. through show cause notices dated November 13, 2023, and February 9, 2024, respectively, are disposed of, Sebi said in its orders. With regards to the depository, the Securities and Exchange Board of Indi

MUMBAI (Reuters) - Citigroup plans to bolster the headcount in its India investment banking unit, betting on a surge in equity capital market and M&A deals in one of the world's fastest growing economies, a top country executive said.

The combined market-capitalisation (market-cap) of the top 25 banks globally rose 5.4 per cent quarter-on-quarter (QoQ) in the April - June 2024 period (Q1-FY25)

Subrahmanyam calls for financial sector with the 'muscle' to serve firms in India and across the world

Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 billion, or $2.19 per share, a year earlier

Raghavan, who is expected to start at the bank in summer, will also join the firm's executive management team and report directly to Fraser, Citigroup said in an internal memo Monday

Veteran banker Rana Talwar, who was the first Indian to head a global bank -- Standard Chartered Plc, died at the age of 76 years. Talwar, son-in-law of DLF Group chairman emeritus K P Singh, breathed his last on Saturday, sources said. He is survived by his wife Renuka and son Rahul. Besides DLF, he served on the boards of various companies including Asahi India Glass Limited and Great Eastern Energy Corporation Limited. The company regrets to inform about the sad demise of Talwar, a non-executive director, on Saturday, January 27, 2024, which was intimated to the company by the family members, DLF said in a regulatory filing. Born in 1948, Talwar started his career as a banker in India with Citi Bank after passing out of the prestigious St Stephens College, Delhi. During his stint at Citi Bank, Gurvirendra Singh Talwar also known as Rana Talwar, was responsible for building the US-based bank's retail businesses across Asia Pacific and the Middle East. He was subsequently respon

On Bank of Baroda, RBI said the lender failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts

The Reserve Bank on Friday imposed penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms. The highest penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI said in a statement. A fine of Rs 4.34 core was imposed on the state-owned Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others, another release said. Chennai-based public sector lender Indian Overseas Bank was slapped with a Rs 1 crore fine for contravention of directions concerning loans and advances. In all three cases, the Reserve Bank of India said, penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks

The final decision for the fundraising is likely to be taken in the upcoming board meeting on October 5