Citibank's `Taj Mahal' May Be CrumblingPete Engardio and Shekhar Hattangadi
To most foreign banks, India in the mid-1980s was just another over-regulated Third World basket case. But to Citicorp, it was a mammoth market waiting to be plucked. With its Madison Avenue marketing and state-of-the-art computer systems, Citi stormed into India offering everything from credit cards to 24-hour telephone banking. The results are astounding. Salomon Brothers recently labeled Citi's India franchise, whose profits more than doubled last year to almost $50 million, a 21st century "Taj Mahal."
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