Citi Commercial Bank to focus on SMEs in Gujarat

Citi India Commercial Bank announced the launch of its inaugural Knowledge Workshop for Small & Mid-Market Enterprises from Ahmedabad. The Bank estimates to grow its revenue by approximately 20% CAGR over the next two to three years.

The Bank is targeting to grow its business by over 25% CAGR over the next two to three years, specifically in Gujarat, and is focused to double its client base by the year-end. Currently, with four full-fledged Citibank branches in Gujarat across - Ahmedabad, Surat, Vadodra and Vapi, the Bank covers more than 75% of the commercial and industrial activities in the state.

"If possible we want to cater 55,000 Small & Mid-Market Enterprises in Gujarat. Nationally we have around 45,000 clients out of which around up to 12% are from Gujarat. We want to further increase our business targeting the total 55,000 SMEs in the state," said Rajat Madhok, managing director, Head of Commercial Bank, Citi India.

In Gujarat, the bank will be focusing on SMEs in pharma, chemical, auto ancillary, engineering and other sectors. "In some sectors we have seen that the demand for credit has taken off while in some sectors it has remained stable," he said and added that bank is currently a dominant player across several industry verticals including textiles, auto ancillary, chemicals, pharma, information technology, ITES-BPO and capital goods. Moreover, it has a strong focus on Original Equipment Manufacturers (OEM) units within this segment in the country.