Citi's exit from retail banking an opportunity for Indian banks: Analysts

Among its various business verticals, analysts say Citi's credit card business will be most sought after by suitors

Citi’s exit from retail banking business in India is likely to pave the way for consolidation in the Indian financial sector with private players, including ICICI Bank, Axis Bank and Kotak Bank, vying for an increased market share across business verticals, say analysts. SBI Cards, they believe, could be another beneficiary.

Those at Jefferies, for instance, suggest opportunities could open up either to acquire the existing stock of Citibank's clients and / or gain market share in segments like credit cards, deposits and retail loans.

“Private Banks and credit card companies like SBI Cards can be key beneficiaries of market