Citi credit card business losing steam in India, shows data

In a span of almost four years, Citibank has lost 600-basis points (bps) in spends market share.

At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. 

Still, average spends on Citi cards are higher than any other Indian bank.

Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.

On Wednesday, Axis Bank announced that it will buy the retail business of Citibank India in an all-cash deal of Rs 12,325