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After Citigroup, South Africa's FirstRand Bank to exit India after 12 years

First Rand India is a licensed financial services provider in India and operates as a "branch" of FirstRand Bank South Africa.

banking sector

Illustration by Binay Sinha

Abhijit Lele Mumbai
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 services

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First Published: Apr 22 2021 | 1:31 AM IST

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