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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

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 ...