Citibank launches banking offer for expatriates

Mumbai, Apr 2: Citibank India, a leading private sector financial service provider, today announced the launch of its comprehensive offering of banking for expatriate community of India through ''Citibank Account for Expatriates''.

The Bank, which has 3000 account holders presently in this segment, targets to add 25,000 to 40,000 accounts by the end of financial year 2008-09, Bank's Global Consumer Group India retail banking head T R Ramachandran told newspersons here today. In India, presently, there are 100,000 expatriates and the number is growing at the rate of 25 to 30 per cent at year-on-year basis, Mr Ramachandran said adding, ''Majority of expatriates coming to India are from the countries where we already have a significant presence.''

He said that for the expatriates, this offering will go a long way in providing needed support system to newly arriving as well as resident foreign nationals for meeting their banking and financial needs in India.

Earlier, launching the new offering, Citibank's Country Manager P S Jayakumar said that this was the first time ever that Citibank has launched a specialized banking and solutions package which also includes personal loan, housing loan, support in investment, forex forward support, remittance platform along with series of value added services for the expatriates.

''Our presence across 100 countries coupled with our deep understanding of local market and alliance with best-in-class partners will help the Bank to cater to the needs of the growing expatriates in the country,'' Mr Jayakumar added.

UNI