Citigroup not to exit consumer finance

Citigroup, the biggest US banks by assets, does not plan to exit its consumer finance business in India.

"We are only repositioning and resegmenting the products. Consumer finance is important for India," said Sanjay Nayar, chief executive at Citi India, on the sidelines of a news conference in Mumbai, reported Reuters.
 He said returns from Citi's Indian business have been "satisfactory" but declined to elaborate.

Nayar also said Citibank India had raised about $500 million in an infrastructure fund with Infrastructure Development Finance Co Ltd.