Close on the heels of Citigroup's decision to exit retail banking business in India, South Africa’s second largest bank - FirstRand Bank - with $118 billion in assets is the latest foreign bank to exit India. The news was broken to FirstRand staff in Mumbai - its only branch - via a videoconference on Tuesday.
FirstRand's exit is the second retreat by a foreign lender in India within a week after US giant Citibank announced plans to sell its consumer banking business in 13 markets, including India late last week. First Rand India is a licensed financial ...
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