Citigroup, Inc (NYSE: C) to Expand Microfinance Operations in India

Citigroup, Inc (NYSE: C) is moving into the microfinance industry in the country of India as part of an effort to bring financial inclusion and education to the unbanked in that country.

CEO Vikram Pandit said that “We have a strong franchise in India and are looking forward to being a part of India’s growth.” The statement came during a presentation via video-conference at the NDTV Profit Business Leadership Awards Mumbai on Wednesday. He added, “From helping India’s top global corporations, to supporting the growth ambitions of its small and mid-sized enterprises, to helping individuals and households build their financial futures, we will play a major role in India’s economic future.”

“We will continue to emphasise on microfinance and support India’s priorities, particularly in the areas of financial inclusion and financial education,” he said.

Pandit said that India is set to grow for a significant time ahead and that the New York-based bank should grow along with India. He said that Citigroup, Inc (NYSE: C) has been through one of the most challenging economic environments and is now a fundamentally different company.

“Today we are following three core principles in Citi. First, we are focused on being a global bank. Second, we are focused on serving our client interests. And third, we are leading with our competitive strength,” he said.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.

Shares of Citigroup, Inc (NYSE: C) traded up 0.45% on Thursday, hitting $3.87 during mid-day trading.