FirstRand Ltd. has quite made its decision to deduct it’s working in India and will begin with conversion of its branch to a representative office. However, it won’t shut down its operations in India.
According to a statement released on Wednesday, Africa’s largest bank by market cap has reviewed its strategy in India and “remains committed to its presence.” The step, according to the Economic Times, is expected to affect at least 50 jobs in India.
“Whilst it has proved difficult to build a meaningful in-country franchise, the Indian business has successfully focused on facilitating trade and investment activity in the Indo-African corridor,” they said. It has been an important element for enabling FirstRand’s investment banking business’s strategy to expand its offerings across the African continent, but it only takes a representative office to put into action.
This announcement comes up following Citigroup Inc.’s unveiling of their plan to back off from doing retail business in nations that of China and India.
FirstRand, which has offices across Africa and a representative office in Shanghai, has already decreased its consumer banking operations in India by nearly five years. After withholding its final payout last year as Africa fought the worst of the coronavirus pandemic, the lender gave a sign of confidence last month by announcing an interim dividend.