![]() (Reuters) - Citigroup Inc named Elissar Farah Antonios as the new head of its Middle East and North Africa operation, making her the first woman to lead the fastest growing region in the bank’s emerging markets portfolio, a memo seen by Reuters on Tuesday showed. ![]() That is one reason driving our bullishness,” he explained.FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. “Once per capita GDP in India crosses the $3,000-3,500 mark, as China did 25-30 years ago, it will be a J-curve for everyone. “It is difficult to not be bullish about India, both on an absolute and relative basis,” he said. So, this is a very exciting time for us.”Įchoing him on the panel was HSBC India CEO Hitendra Dave. Khullar said, “As a foreign bank, we are very well poised to add value for India to exploit… to get FDI in, get portfolio investments in, help Indian companies go global and make them more efficient with digitisation. “While the consumer business was loved, the returns in our institutional business in proportion to profitability and revenues is much higher,” he revealed.įoreign banks, which have had a bit of a mixed history in India so far, can change their fortunes over the next few years given the projected growth in the country’s per capita GDP as well as the rising demand for institutional credit. Khullar shared that despite Citi’s consumer business being the “more of a brand” in India, besides being much loved for its Citi Cards product, the bank has been running a “profitable institutional business too”.
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