We're doubling down investment in institutional biz: Citi Asia-Pacific CEO

In this exclusive interview with Tamal Bandyopadhyay, Citi Asia Pacific CEO Peter Babej explains why his bank has chosen to sell its retail business in India and what it plans for the future

Now it’s official. Citibank, which once wanted to go to the suburbs in India, is selling its retail business in the country to Axis Bank, India’s third-largest private bank. The sale is part of Citigroup CEO Jane Fraser’s plan to overhaul the bank’s business model and existing consumer business in 14 countries, including Mexico, which was added later to the list. A day after announcing the Rs 12,325-crore all-cash deal – Axis Bank will pay Citi an additional amount for transitional support until the operations are fully integrated – Citi Asia Pacific CEO Peter Babej explained Tamal Bandyopadhyay why his