Thursday, May 29, 2008

Citibank opens 40th branch in Maharashtra

Citibank keeping up to its commitment of providing world class financial services opened its 40th branch in India at Akola, Maharashtra.

Sanjay Nayar, CEO, Citi India said, ``Citi`s commitment to India goes beyond business. We are committed to providing world-class financial products and services that help people improve their lives, businesses grow and communities prosper. The opening of the Akola branch, which is located in an under-banked area of the country, is a reinforcement of this commitment``.

Giving details about the business potential in semi-urban and rural areas, Country Business Manager for Citi India`s Global Consumer Group N. Rajashekaran said, ``While India is witnessing unprecedented levels of economic growth, two-thirds of our population is still unconnected to the formal banking and financial system. Citi believes we can add value and bring our customer-centric model to this segment of the population. Additionally, the Akola branch will help us establish a banking foothold in the natural resource-rich Vidharbha region of Maharashtra``.

Citibank has plans to open three new branches this year and the Akola branch is the first one and the other two, in Nanded (Maharashtra) and Kurnool (Andhra Pradesh), will be opened by the third quarter of this year.

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