New Delhi. Now after American Citibank, another foreign bank has decided to fold its bag from India. The name of this bank is Firstrand Bank. This South African bank entered India about 12 years ago. Which is the second largest bank in that country. All the employees of India have been informed by the bank through video conferencing. Let us also tell you how many people’s jobs will be affected after this decision.
Crisis on jobs of 50 employees
This decision of Firstrand Bank can have an impact on the jobs of about 50 employees working in India. According to the statement of bank officials, after reviewing the strategy of Firstrand Bank in India, it has been decided to change the existing branch to the representative office. Firstrand Bank of South Africa opened its first retail and commercial branch in Mumbai. Africa’s second largest financial group got a banking license in 2009. At first Firstrand Bank was doing investment banking business but later also got into retail business.
Citibank has also announced
Earlier, American Citibank has also announced to consolidate its business from India. The bank is preparing to close its consumer business with India from 13 countries. The bank said on Thursday that it is going to close its consumer banking business in India as part of Global Strategy. Citibank entered India in 1902 and in 1985 the bank started consumer banking business. The bank’s consumer banking business includes credit cards, retail banking, home loans and wealth management. Citibank currently has 35 branches in India. At the same time, about 4,000 people work in its consumer banking business.