World's largest bank Citigroup will open three new branches in India by February 2008 and plans to invest millions of dollars for its operations in the country.
NEW DELHI: World's largest bank Citigroup will open three new branches in India by February 2008 and plans to invest millions of dollars for its operations in the country over the next 12-18 months.
"Citigroup currently has 39 branches in India and is going to increase it to 42 by February next year," Citigroup's Asia Pacific Chief Executive Officer for Global Consumer Group division Stephen Bird said.
"The bank will make multi-million investments for technology upgradation at its India operations over the next 12-18 months," Bird said, but he did not divulge the exact investment figure.
The global banking giant is also looking to hire 30 new employees for these branches, he said.
"The two new branches will be set up in Nanded and Akola in Maharashtra and the third will come up in Kurnool, Andhra Pradesh," Bird said here.
The bank would hire close to 30 people for these three branches, who would be supported by existing back-office employees of the group, he added.
"Indian workforce is fantastic, greatly educated and wonderfully spirited, which has lead to huge demand for this talent globally," Bird said.
While terming Citigroup as the 'net exporters of talent from India', he said that the bank develops Indian talent in the local market and later move them to the foreign shores to help it competitively run operations there.
Bird said that the attrition rate at leading financial institutions in India was under control at about 15-20 per cent, which was much lower than the overall industry rate.
"Their movement is restricted to the leading 6 to 7 companies and is welcome as the institutions are similar in nature and newer people come in with fresh perspectives related to the same industry," Bird said.
However, a check needs to be kept at the attrition graph and if it moves beyond 20 per cent then corrective actions such as training and counseling are needed, he added.
Attrition at minimal levels is accepted as it helps in career progression of the individuals, he said, adding that the bank also welcomes its previous employees in select cases.
"If we regret having lost a certain employee in the past and if that person wants to come back, we are open to hiring them again," Bird said.
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