August - September 2004
Citibank NRI Business Services: Spurring the Global Indian
are the success stories of the Indian community abroad, embodying
the most admired of human traits - courage, conviction and perseverance.
They are the Non-Resident Indians (NRIs) who ventured abroad
in search of opportunity and success.
Diaspora, which is estimated to be 20 million strong for an
economic output of about $400 billion. Over the last few years
this unique set of individuals have come to assert a lot of
influence around the world. From medicine to electronics,
from computer software to literature, these NRIs are making
a difference both in their country of residence as well as
back home in India.
decades ago, Citibank, India realized that this community
was one with unique financial commitments and banking needs.
Living in one country with roots in yet another, NRIs were
truly Global Indians, who required a portfolio of financial
products and solutions that was both tailor made and specialized.
To provide them with these services, Citibank NRI Business
was envisioned to make banking across continents not just
possible, but also convenient.
Growing in strength
two rewarding decades of experience behind them, the team at
Citibank NRI Business functions from over 45 centers across
the globe. Managing assets worth over USD 5 billion, the
Business has been a pioneer in NRI banking, serving as a
model for other Indian banks targeting this class of exclusive
Business has had a complex and challenging task - of serving
the needs of 100,000 customers, each with different profiles
and requirements, which it has been able to handle with utmost
dexterity over the last two decades," according to Sarvesh
Sarup, Country Business Manager, GCB India.
to a varied set of customers, from 25 year-old software professionals
in the US to 2nd generation businessmen in Dubai to high profile
professionals in Hong Kong, the Business has maintained flexibility
in its product set as well as its customer delivery to manage
the expectations of these NRIs across the globe.
Straight from the experts
of the main reasons for the success of the Business has been
the presence of Indian Relationship Managers. Trained and certified
financial professionals, their Indian background helps them
understand the NRI customer's distinctive needs and aspirations.
Aided by this keen insight and armed with their knowledge of
investment products from around the world, they suggest suitable
options from a gamut of Treasury Products, Investment Products
and India-based Products.
for every financial need
Superior Treasury and Investment Products, booked out of Dubai,
London and Singapore help fulfill short, medium and long-term
goals of customers, while Fixed Income Securities and Insurance
Products help secure the future of countless Global Indians.
Supplementing this range of products and solutions are India-based
products such as the Rupee Checking Account, that enable NRIs
to manage their financial obligations in India, with ease, speed
and convenience.Citibank NRI Business also complements its services
with innovative state-of-the-art online banking and CitiPhone
Banking to ensure a seamless banking experience to every customer.
for the Global Indians who have reached the heights of success,
CitiGold Wealth Management provides the best in global banking.
With personalized service, wealth management tools and loyalty
activities such as high-profile customer events, special Hindi
movie premieres, elite fashion shows and more, this segment
has been a special focus area of the Business.
NRI Business has come a long way, but still has its sights
set on higher goals. "Expansion plans to increase its
operating centers are underway, as are plans to reach out to
more Indians worldwide,' says Rahul Malhotra, Global Head,
Citibank NRI Business. With newer products and more constructive
solutions, Citibank NRI Business stands ready to live up to
its primary promise to the NRI community: to power the success
of Global Indians across the globe.
Citigroup (NYSE: C), the preeminent global financial services
company with some 200 million customer accounts in more than
100 countries, provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, insurance, securities brokerage, and asset
management. Major brand names under Citigroup's trademark red
umbrella include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Travelers Life and Annuity. The Citigroup Foundation
focuses its grants primarily in three areas: building communities
and entrepreneurs, financial education, and educating the next
generation. Additional information may be found at: www.citigroup.com.