On a day when it recorded its highest-ever quarterly profits, New York-based Citigroup said it will exit the retail business in India and 12 other countries across Asia, Europe, Africa, and west Asia.“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Citigroup’s global CEO Jane Fraser said yesterday (April 15). “We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”This is certainly true for India where Citibank has struggled to get a bigger share of the retail banking industry. The majority of the bank’s profits
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