India on course to being a top three services market for Citi: Shahmir Khaliq
Citi in 5-7 years as the US bank looks to expand its services business — which its CEO Jane Fraser calls its «crown jewel» — and more domestic firms turn global, a top executive said.
«It's highly likely that India will break out into the top three based on what we are seeing,» Shahmir Khaliq, Citi's head of services, told ET in an exclusive interaction. «We are investing across the network and as the government makes India a great place to invest in, we are seeing the incremental inflow (and) we are seeing Indian companies looking to invest abroad.»
At present, India is the fourth largest market for Citi's services business. «It would not be beyond the realm of the possible for us to expect to see India in the top three over the next five to seven years,» Khaliq said.
The services business includes treasury and trade solutions and securities services businesses, cash management, working capital solutions and post-trade securities services.
Citi's services business generated more than $18 billion in revenue, recording an annual growth rate of 20% since 2021, Khaliq had said in an investor presentation in June 2024.
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