f IFIM B School, Bangalore n/ | Post Graduate Diploma in Management in Finance (PGDM IFIM Finance 2015 -2017 Batch) BUSINESS SCHOOL (Full-time; two years, Approved by AICTE) — or antan — Personality Enhancement Program- 4 Industry Analysis - Report ae [ BANKING AND FINANCIAL SERVICES Dream Company :CITIBANK Industry AnalysisBONAFIDE CERTIFICATE This is to certify that the project report entitled “Industry Analysis Report on Banking and Financial Services industry” submitted by Ankita Mittal (2015JULB02006), Tarun Gaba (2015JULB02047), Shah Rukh Hasan Khan (2015JULBO1086), Anuj Aggarwal (2015JULB01052), Kushagra Ranjan (2015JULB02017), Karan Abrol(2015JULB02011), andSameerchandra Mallya (2015JULB2038) in partial fulfilment of the requirements for PEP Evaluation on Industry Analysis Project. The report has not been submitted earlier either to this University or elsewhere for the fulfilment of the requirement of any course. This project report was evaluated by us on Signature of Supervisor Signature of Students Industry Analysiseee - Project Name Industry Analysis Report on Banking and Financial Services Description This reports deals about the industry analysis that consists of three major elements: the underlying forces at work in the industry; the overall attractiveness of the industry; and the critical factors that determine a company's success within the industry. Member(s) Tarun Gaba(2015JULB02047) Shah Rukh Hasan Khan (2015JULB01086) Anuj Aggarwal(2015JULB02052) Ankita Mittal (2015JULB02006) Kushagra Ranjan(2015JULB02017) Karan Abrol(2015JULB02011) Sameerchandra Mallya(2015JULB02038) Date October 15", 2016 Industry Analysis arene rete :TABLE OF CONTENTS TOPIC PAGE 1 — Introduction to Industry .. 2 —Porter’s Five Forces Analysis ......sssssssssessssssccssssecssseesssneessnssennnsensnsenssnsscessseeen cles) 3 —Dream Company: CitiBank........sssssssssssssseessneesnssesnsessessneennecnnsenccsssnnsnsnnsceneeeny 5 — Corporate Growth Strategy .........++++ 6 — CitiBank - SWOT Annalysis .ssso.ssssesessssssecsssnsseeeesesseecsornnssstsscersssonsssennseessseens 20) 7 — Competitor Analysis and Core Competencies ..ressssssssssescseccecrnrnnnnnetrersessessssesne 22 8 — Porter’s Five Force Model — CitiBank...svssssssssssssseessecsscssssssssessssssssssieesianes 9 — References svvssssssesssssecssssssseeeseesensnnsssseeseeesnsnnceccennensseneneessonannnnrggggananannnentss Industry AnalysisIntroduction to Industry India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector comprises commercial banks, insurance companies, non-banking financial companies, co- operatives, pension funds, mutual funds and other smaller financial entities. The banking regulator has allowed new entities such as payments banks to be created recently thereby adding to the types of entities operating in the sector. However, the financial sector in India is predominantly a banking sector with commercial banks accounting for more than 64 per cent of the total assets held by the financial system. The Government of India has introduced several reforms to liberalise, regulate and enhance this industry. The Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises, issuing guideline to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by both government and private sector, India is undoubtedly one of the world's most vibrant capital markets. Market Size Total outstanding credit by scheduled commercial banks of India stood at Rs 72,606.11 billion (US$ 1.08 trillion). The Association of Mutual Funds in India (AMFI) data show that assets of the mutual fund industry have reached a size of Rs14.21 trillion (US$ 210 billion). During April 2015 to March 2016 period, the life insurance industry recorded a new premium income of Rs 1.38 trillion (US$ 20.54 billion), indicating a growth rate of 22.5 per cent over the previous year. The general insurance industry recorded a 12 per cent growth year-on-year in Gross Direct Premium underwritten in April 2016 at Rs105.25 billion (USS 1.55 billion). India’s life insurance sector is the biggest in the world with about 360 million policies, which are expected to increase at a Compounded Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry is planning to hike penetration levels to five per cent by 2020, and could top the USS 1 trillion mark in the next seven years. The total market size of India's insurance sector is projected to touch US$ 350-400 billion by 2020. India is the fifteenth largest insurance market in the world in terms of premium volume, and has the potential to grow exponentially in the coming years. Life insurance penetration in India is just 3.9 per cent of GDP, more than doubled from 2000. A fast growing economy, rising income levels and improving life expectancy rates are some of the many favourable factors that are likely to boost growth in the sector in the coming years. 5 Industry AnalysisInvestment corpus in India’s pension sector is expected to cross USS 1 trillion by 2025, following the passage of the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013. India's digital payments industry is expected to grow by 10 times to reach USS 500 billion by 2020 and contribute 15 per cent of Gross Domestic Product (GDP). Fundraising through Initial Public Offering (IPO) in 2016 has already rose to a six year high of Rs 20,217 crore (USS 3.02 billion) Industry AnalysisCurrency Exchange Foreign Currency Banking Wire transfer aes Cy Asset manageme nt Hedge fund manageme nt al Service sector to GDP: Insurance brokerage Reinsurance sector wise Indian GDP composition in 2014 are as follows : y (24.2%) and Services (57.9%). The contribution from the financialGovernment Initiatives Several measures have been outlined in the Union Budget 2016-17 that aim at reviving and accelerating investment which, inter alia, include fiscal consolidation with emphasis on expenditure reforms and continuation of fiscal reforms with rationalization of tax structure. The Union Budget 2016-17 has allowed foreign investment in the insurance and pension sectors in the automatic route up to 49 per cent subject to the extant guidelines on Indian management and control to be verified by the regulators. Service tax on service of life insurance business provided by way of annuity under the National Pension System regulated by Pension Fund Regulatory and Development Authority (PFRDA) being exempted, with effect from April 01, 2016. Capital gains tax exemptions have been extended to merger of different plans within a mutual fund scheme, which is expected to benefit investors in case of merger of mutual fund schemes. The Government of India plans to revise and improve few of its flagship schemes such as the Atal Pension Yojana (APY), aimed at providing pension coverage, and Pradhan Mantri Mudra Yojana, which funds small entrepreneurs, in Union Budget 2016-17 in order to increase the number of beneficiaries covered by these schemes and overcome shortcomings in implementation. The Government has also announced several schemes to improve the extent of financial inclusion. The Prime Minister of India has launched the Micro Unit Development and Refinance Agency (MUDRA) to fund and promote Microfinance Institutions (MFls), which would in turn provide loans to small and vulnerable sections of the business community. Financial Services Secretary Mr Hasmukh Adhia has announced that the ministry will launch a campaign for loans under Pradhan Mantri Mudra Yojana (PMMY) in order to double loan disbursement to the small business sector to over Rs 100,000 crore (US$ 14.67 billion). Government of India’s ‘Jan Dhan’ initiative for financial inclusion is gaining momentum. Under Pradhan Mantri Jan Dhan Yojna (PMJDY), 217 million accounts® have been opened and 174.6 million RuPay debit cards have been issued. Government of India aims to extend insurance, pension and credit facilities to those excluded from these benefits under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The Union Cabinet Minister has also approved the Pradhan Mantri Suraksha Bima Yojana which will provide affordable personal accident and life cover to a vast population. The Union Cabinet has approved 100 per cent Foreign Direct Investment (FDI) under the automatic route for non-bank entities that operate White Label Automated Teller Machine (WLA), subject to certain conditions. Minister of Finance Mr Arun Jaitley has formally declared the merger of Forward Markets. Commission (FMC) with Securities and Exchange Board of India (SEB!), which help convergence of regulations in the commodities and equity derivatives markets, Industry AnalysisThe Insurance Regulatory and Development Authority of India (IRDA), as part of its endeavour to increase insurance sector growth, has allowed a new distribution avenue called the ‘point of sale’ person, who will be allowed to sell simple standardised insurance products in the non-life and health insurance segments, which are largely pre-underwritten. The Department of Industrial Policy and Promotion (DIPP) has allowed 100 per cent Foreign Direct Investment (FDI) in asset reconstruction companies (ARC) under automatic route, which will help to tackle the issue of declining asset quality of banks. Road Ahead India is today one of the most vibrant global economies, on the back of robust banking and insurance sectors. The country is projected to become the fifth largest banking sector globally by 2020". The report also expects bank credit to grow at a Compound Annual Growth Rate (CAGR) of 17 per cent in the medium term leading to better credit penetration. Life Insurance Council, the industry body of life insurers in the country also projects a CAGR of 12-15 per cent over the next few years for the financial services segment. Also, the relaxation of foreign investment rules has received a positive response from the insurance sector, with many companies announcing plans to increase their stakes in joint ventures with Indian companies. Over the coming quarters there could be a series of joint venture deals between global insurance giants and local players. The relaxation in the foreign direct investment (FDI) limit to 49 per cent can result in additional investments up to Rs 60,000 crore (USS 8.81 billion). Financial Services Executive Summary Gross national savings remained above 30% of GDP:- In 2016, India’s Gross National Savings (GNS), as a percentage of GDP, is estimated at 31.24%. The IMF estimates national savings, as a% of GDP, to remain at similar strong levels until 2021. This compares favourably with other developed nations such as the US with GNS of 18.73%, and emerging countries including Brazil, Russia and China having GNS of 16.36%, 23.35% and 46%, respectively. : © India’s HNWI population to double by 2020:- India has 2083 ultra high net worth individuals having net wealth of USD50 million and 940 people in India hold more than USD100 million assets Robust AUM growth :- Mutual fund industry AUM recorded a CAGR of 12.8% over FY07-16. India is considered one of the preferred investment destinations globally. Industry Analysis= eee Advantage in India Growing demand:- * Rising incomes are driving the demand for financial services across income brackets. Financial inclusion drive from RBI has expanded the target market to semi- urban and tural areas. © Investment corpus in Indian insurance sector can rise to USD1 trillion by 2025. Innovation:- © India benefits from a large cross-utilisation of channels to expand reach of financial services. © Product innovation is leading to healthy growth in Insurance and NBFCs. Growing penetration:- * Credit, insurance and investmentpenetration is rising in rural areas. HNWI participation is growing in thewealth management segment. Lower mutual fund penetration of 5-6% reflects latent growth opportunities. Policy support:- e NRFIP aims at providing comprehensive financial services to excluded rural households by 2015. Government has approved new banking licenses and increased the FDI limit in the insurance sector. * Gold Monetization Scheme 2015, Atal PensionScheme, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana. Market Overview And Trends Segments Of The Financial Services Sector Financial services Capital markets :- e Asset management © Broking Wealth management ¢ Investment banking Insurance:- e Life © Non-life 10 Industry Analysis et ae rae obese ae eat eB ARTEnes Ta i = NBFCs eooee Asset finance company Investment company Loan company Porter’s Five Forces Analysis: Competitive Rivalry:- Competitive rivalry between big players is intense in the industry. Financial services companies often compete on the basis of offering lower financing rates, higher deposit rates and investment services. Threat of New Entrants:- Stringent regulatory norms prevent new entrants. Customers prefer to invest their money with a reputed financial services company offering a wide range of services. Substitute Products:- Low threat of substitutes Less number of substitutes available for financial products. Bargaining Power of Suppliers:- Low bargaining power of suppliers as the industry is highly regulated by RBI Bargaining Power of Customers:- Medium bargaining power of customers. Although customers do not have much bargaining power, they can easily switch to another company based on the terms and quality of services provided.in housing its back office through e-Serve Internati 04 and employs in excess Processing/call centre company for its global activities in India ional Limited. The bank had revenues of US$ 800 million in 2003- of 8,500 people across various legal vehicles. Second largest foreign bank in India Citibank India is a leading foreign retail bank in India. With the help of innovative product launches and superior customer service, it has emerged as the second largest foreign bank in the country (in terms of total assets). The bank had a market share of 22 per cent among the foreign banks in India, Citibank’s profits have grown at a CAGR of 28 per cent over the last 5 years, At 1.2 Per cent, Citibank has one of the lowest non-performing assets in the Indian banking industry. Leading issuer of credit cards in the country Citibank was the first to launch credit cards in India and today has the largest card member base of 2.3 million customers. Constant product innovation has led Citibank to launch the industry’s first co- branded and affinity cards with leading organisations. Presently, Citibank has over 7.5 lakh co-branded card members. In 2003, Citibank had a market share of 35 per cent in terms of spending. Key Milestones of Citigroup: * Mortgage Services: Citibank was the first to launch Home Credit (in 1990), a facility to utilise surplus funds to save interest and PAM (Preserved Asset Mortgage), a 100 Per cent home loan with security in equity, mutual funds, etc. * Auto Loans: Citibank pioneered organised auto financing in India in August 1986, * Personal Loans: Citibank entered this business in 1989 and is consi segment with a healthy market share of 24 per cent with ex products. dered a pioneer in this ‘pansion through various innovative * Internet Banking: Citibank also provided India’s first and most comprehensive Internet Banking service covering both resident and NRI customers, enabling customers to get complete information on all thei has enabled Internet banking for corporates as well. with a ‘single-glance statement’ ir banking relationships. The bank * Citibank was the largest mobiliser of funds by non-public sector bank (second after the State Bank of India) for the Resurgent India Bonds (RIB) 1998 and the India Millennium Deposit (IMD), 2000 sourcing US$ 830 million and US$ 840 million respectively. Many awards * In 2002, Euromoney ranked Citibank as the world’s Number 1 Cash Mana; igement Services Provider 14 Industry Analysis fi i 4 i Fa ;¢ In 2002, The Asian Banker Gilboa Report rated Ci best in Asia. itibank India’s Internet banking service as the * Best Bank — 2002 by Business India * Euromoney Forex Poll 2002 award for “No. 1 Forex Dealer” in India * Asiamoney Treasury Poll award for “Best Derivatives Bank” in India * Business Today : Most Productive Bank 2003 (Best Banks Survey by BT-KPMG) * Best Local Currency Bond House by Finance Asia 2002 * Asian Banker Retail Product Excellence Award: Citibank India MTV Credit Card 15 Industry AnalysisPEST Analysis Political Influence The politi i eee enutonment of the country or a region has a great impact in the companies and inesses, the confidence level of the business owners in a country which has an unstable oliti: i i political system will be lower compare to countries that have stable political environment. Citigroup — major corporate political spender Citigroup operates in more than 100 countries worldwide; th islatic ific ide; t i ey obey legislation specifi Election Cycle Trends - significant donations to 527 groups © Trade Association Activity contributed approximately $8.5 million in corporate funds to political activities since 2002 Economical Influence ¢ Asa multinational, Citi is subject to fiscal policies employed by governments in various countries. © Incurred loss of $22 billion during Global downturn 2008. © Citi’s financial results are closely tied to the global and local economic conditions © liquidity of the global financial markets © prevailing interest rates © the rate of unemployment © the level of consumer confidence e changes in consumer spending © the number of personal bankruptcies Social Influence a huge impact in the analysis of the macro-environment of he demographics there are two areas in the demography in which most businesses are concerned, the working population on which it identifies the number of possible employees of the company and the population, the number of people residing ina community or a country which will have a great influence in the demand of products and services of the company. The primary social factor that have the business is the demography, in t ell as small medium businesses ae as w © Target is Individual concur onomically vibrant and : ete © The Citi Foundation is committed to ee e environmentally sustainable commun! TeTechnological Influence Technology is continuously changing and in order for businesses to cope up with the competition and survive in the competitive market new technologies must be integrated in the businesses. However, acquiring new technologies requires a huge amount of time, money and effort. © Citigroup Works with Cisco Systems to Capitalize on Digital Media © to help Citigroup identify appropriate intellectual capital to distribute to clients and employees © to help the bank develop the right advanced content delivery, multicasting, and core-networking technology to disseminate it. ° Use technology for e-Business model ¢ Early adopter of emerging technology Legal Factors An organization that is planning to establish in a specific country or community, or a current organization. It must follow the laws, rules and regulations in which the business is located. There are two types of laws that businesses are very particular and these are criminal law and civil law. Environmental Factors Business often times tackle the benefits that the organization gets as well as the costs of their operations. The pressure groups are concerned the negative external effects of the business such as air and water pollution. Aside from the pressure groups government also aids in protecting the environment through passing legislations. Ethics Ethical issues are important in any business because companies see it as a marketing tool which could be vital in increasing the sales and revenues of the company. In addition, companies those have ethical standards especially among employees will most likely have satisfaction and more hardworking in their jobs. 17 Industry AnalysisConcentration Internacional 18 dustry Analysisif it mer, i Bers with another bank or acquires another b; an For CitiBank, Integration. k, then it is Horizontal Vertical Intergration is a different steps on the a where @ company expands its business operations into Toduction path, and/or distributor. Path, such as when a manufacturer owns its supplier For banks, there are not much scope in this. Diversification Diversification : a corporate strategy to enter into a new market or industry which the business is not currently in, whilst also creating a new product for that new market. Concentration Agrowth strategy adopted by the company to concentrate by investing more resources in marketing and production of only one primary product or market. Fundamentals of Citi’s Strategy There are 3 main strategies that Citi Bank uses for their growth. 1. Client Focus: - Since their establishment, they have always oreidered this strategy as the most important strategy. For them retention of clients e a ple eine, They create new ideas every day for their clients. Let just oy ie word “client” is pratt poe ct Hence “clients” are “profits”. So, keeping that in mind, they focus client enton Global strength: - They have branches, clients all over the world. They not on y want 7 + - they also want to make a mark globally. They have their missions en eh aesision. Just like | said in “client focus”, they try to innovate so that they ‘0 achieve thei! b can mark their presence in tl 3. Constant Innovation: - Citiba J Seat every employee creates new ree ol a ane i an i cepted which the le i sees ae nis they say- a{pnovation is in MY DNA’ bed he world. k has their own “citibank Innovation Challenge” where in them in this challenge. Approx. 2000 t for the sake of their clients. Because of this,value Chain citibank represents both a Business-to-Con: r sumer (B2C) and Business-t i 2 ess-to-Business (B2B) organizational model.It creates value by limiting the intermediaries inv ‘olved with the distributi i streamlining its business and BOT tLe . . e reducing costs. This value creation ultimately increases profits 20 Industry AnalysisCitibank Strategies © Position itself as US leading International Bank © A Premier local financial institution © Focus on Technology Full Fledged platform of highest quality services © Innovative products © Focus on corporate and multinationals © Banking upon an old and trusted name © Corporate Social Responsibility 21 Industry AnalysisCore Competencies ‘A core competency is an area of Specialized e complex streams of technology ang Work acti sles that is the result of harmonizing -C.K. Prahalad ctivity, Core Competencies includes: © Proprietary data © Operating in over 100 countri, ader in online financial services . Additionally, Citibank's technology platform supports it customer's need for transaction efficiency and tangible business results. Major Competitors Citibank must be concerned with the actions of its competitors during its decision-making Process. Citigroup Inc. was ranked fifth in terms of total deposits. The top three banks on the list (Bank of America Corporation, Wells Fargo & Company, and Wachovia Corporation) offered free checking. Itis crucial for Citibank to take into account the currents trends of other leading banks before making any major decisions. Bank of America Corporation Bank of America was the both the largest retail bank in terms of offices an data Percentage of market share in terms of total deposits. It was en nh Carolina. One of Bank of America’s major initiatives was commun! ices , e a te-income individuals and families, improve underserver clon d create sustainable practices for the long haul.” ss ion in early 2004, which was the e merger, Bank of America had they strove to “serve low- low. and moderate-income communities, pecabeerea Bank of America merged with FleetBoston Financia ‘i . After th eighth-largest bank in terms of deposit market share 22 Industry Analysis“nearly 5,700 branches in ne demonstration of their Online b; the District of anking pro, that guarantees $0 liability fo, unau sont te Clearly defi Pay, ‘arly 29 Columbia.” It provides a Nes their po licy for online banking Wells Fargo & Company Wells Fargo was headquartere, din California i ae and 5 total deposits. Their vision, as stated et POssesseq the second-highest market share of airma “satisfy all our customers! fina mand CEO R Ncial needs, hel ica’ » Nelp them one of America's great compani Succee ichard M. Kovacevich was to isa competitor to Citibank is because of its “E- making themselves absolutely e-business. This is mark their presence in e-commerce. business aggregation”, They mainly focus on where Citibank must improve if it wants to Wells Fargo’s online banking Customers launch of “Wells One Look” multiple accounts, on and password. can now just use one key to open many doors, with the . The free account aggregation service allows users to access including those from competing financial institutions, through a single sign- Thus, this is the reason why Wells Fargo & company is a competitor to Citibank. 23 Industry AnalysisSP Porter’s five forces analysis of Citi Bank an! company. Michael Porter from Harvard Busi pee adel rerete Panes School has developed a framework known as the Fi tries to describe the industry ice factors that impact the industry structure. ae following factors: the risk of ne eae fe the competitive conditions by assessing the competitors, the bargaining een the industry, the degree of rivalry among established yu . products. 'yers and suppliers, and the threat of substitute According to Porter’: setae ae come rel are these forces the tougher are the market ‘on within the industry. Stron; iti srs on i rh ger competitive forces represent a we it 2 ay ue the Possibility of differentiation against the competition is very limited as well as the capability to raise prices and to earn great profit margins. This analysis considers the overall world market in which Citigroup operates. The industry could be defined as the financial institutions that operate in global markets. Table 2 presents analysis of competitors, entrants, substitutes, suppliers, customers, and complementors per Citigroup global business as of today. Points Consumer Corporate Global Citigroup Banking and Wealth Alternative Investment | Management Investments Banking Group ae — Competitive Many Many Many | Few global rivalry within the established established established players, industry strong brand | strong brand | strongbrand | relatively names and names, names, and weak upcoming seasonality of | local players | competition smaller rivals the market | in world [ markets i i: II as know-how requirements to High capital, brand, as we! | Threat of new entrants 8 enter the business i Little choice | Businesses a hoice _ | Little choice : Theat of substure® ie aoinet for customer for customer | still require ae searching searching | cash, searching 24 Industry Analysis oo .™¥Industry Analysis top-ups in UK and subject to 25 Financial financial financial especially on services services, services, the earlier alternatives performing Stages, there such as wealth are often few governmental management | choices of subsidies, tax | on its own where to wavers are canbe more | source cash difficult to difficult and obtain more riskier than relying on the bank Bargaining power In retail Data Asin retail Asin of suppliers banking, Suppliers, as | banking, corporate often the well as often the banking data suppliers are | customers Suppliers are | suppliers, os also the have also the well as customers relatively customers customers, with low limited with low have loyalty, low bargaining loyalty, low relatively switch costs, | power switch costs, | limited difficult to difficult to lock in lock in power Bargaining power Low loyalty Usually big Low switch Excellent of customers among the deals are costs, difficult | track record customers, done bya to lock in, will keep low switch group of though the customers costs, investment | brandname | loyal difficult to banks, is very lock in limiting the | important bargaining power of customers - - Cross-selling, | High ai i Complementary Meo r dvisory, and potential for | alliances with potential for | a on : cross-selling, | other cross-selling, | ranking ca inars | investors in ile be an issue ee, sem! in e.g., mobil for children | emergingtrough ATMs, Other consumer items through direct mails many "egulations Of rich individuals, Other luxury items through direct mails and internet Markets ~ Unattractive — Neither attractive Nor unat — Attractive References: 26 Industry Analysiseens citiBank Citigroup opened its first office in India in Kolkata (Calcutta) in 1902. With capital nearing US$ 1 billion it is the single largest foreign direct investor in the financial services industry in India. It has become one of India’s most diverse and recognised financial service providers operating through 30 branches of Citibank N.A. across 20 cities and through various finance companies operating directly/indirectly out of locations across the country. Citigroup India offers a complete range of corporate and investment banking services under the “Citigroup” brand name, consumer banking products and services under the “Citibank” banner and consumer finance under the “CitiFinancial” banner. Citigroup has a customer base of over 900 large corporates, over 22,000 small and medium enterprises and over 3,500,000 retail customers. The global corporate and investment banking group provides a range of financial services including treasury management, transaction services including cash management and trade services, securities custodianship, foreign exchange, fixed income and equities sales and trading, and corporate finance to corporate clients, governments and financial institutions. In retail banking, Citibank offers credit cards, mortgages, personal and auto loans, insurance, and investment services for customers. MM addition to the above, Citigroup has significant investment through its venture capital arm in various software/non-software companies in India, the primary ones being i-Flex Solutions Limited and Polaris Software Labs Limited. Citigroup was also one of the pioneers 13 Industry Analysis