Citibank Launches Special Offering for Expatriates

Citibank India today announced the launch of a comprehensive offering of banking, financial solutions and other relevant value-added services for the rapidly growing expatriate community in India. With the launch of the ‘Citibank Account for Expatriates’, Citibank will be the first bank in India to customize a comprehensive banking and solutions package tailored to expatriate needs. This is the first time ever that Citi has launched such a specialized offering for expatriates in any specific country across the world.
Launching this new offering, P. S. Jayakumar, Country Business Manager, Global Consumer Group, Citi India, said, ”Our presence across 100 countries coupled with our deep understanding of the local market and alliances with best-in-class partners makes Citibank ideally poised to cater to the needs of the growing expatriate community in India.”
Citibank has developed this innovative offering for the expatriate community following an intensive in-house survey conducted in Q3 2007. According to the findings of this survey, the expatriate community in India is an under-served segment. In contrast to their unique financial needs, the expatriate community was being offered routine banking products and services more suitable for Indian citizens.
“Over 25,000 expatriates come into India each year. A majority of these come into cities where we have a presence and from countries where also we have a significant presence. Our special offering for the expatriate community will go a long way in providing newly arriving and resident foreign nationals in India a much-needed support system in addition to meeting all their banking and financial needs”, added Mr. Jayakumar.

Citibank’s survey further revealed that because of their special requirements and limited understanding of India-specific processes and procedures, the expatriate community was looking for a long-term relationship approach, cultural orientation, product customization, flexibility in remittances and financial partnership for overcoming location disadvantages. Also, expatriates locating to India often lacked the resources, support and necessary infrastructure to make their lives comfortable immediately on arrival.

Accordingly, Citibank has partnered with a diverse set of best in class service providers to develop a package that comprehensively addresses the needs of the expatriate community in India through five distinct offerings:

Financial Solutions:

Offering customized solution for expatriates to manage and grow their wealth in India by enabling them to partake in the India growth story and by providing them with investment options globally in familiar international currencies.

-- Dedicated, specially trained Relationship Managers

-- Long-term and short-term investment options and seminars for investment advice

-- Globe Deposits in 8 leading foreign currencies

-- Most competitive forex rates and convenient booking of forex forwards to hedge currency risks

-- Expert forex advise to manage currency fluctuations efficiently

-- International ATM/Debit card with value adding features

-- Access to Tax Advisory services and global/local economic & market research reports

Making money available to loved ones:

Easier process for remittance enabling the expatriate account holder to give his / her loved ones a convenient access to money

-- Most convenient remittance platform

The only remittance solution in India where the client does not necessarily need to visit the branch every time

Rationalization of documentation and simplification of process

-- International add-on debit card for families

Financing Lifestyle:

Offering privileges and rewards specially tailored for an expatriate to “Experience India”:

Three unique platforms, which contribute the most to enhancing an expatriate’s experience of India, are being offered through partnerships and special packages with leading names in the industry:

-- Luxury & Adventure Tourism

-- Health & Wellness

-- Art & Culture

Personal Loans

Home Loans

India Unraveled:

Helping expatriates with their relocation needs and facilitating a smooth settling-in process in India

-- India Maximized: a specially developed handbook to maximize the India experience

-- India Destination Services: tie-up with Global Adjustments, a leading destination and cross cultural services company. Special discounts for orientation sessions, settling-in services, cultural events and repatriation.

-- Expatriates Helpline: for addressing emergency needs and urgent advice about relocation, orientation, realty and cultural education, a 24X7 helpline managed by Global Adjustments

-- ‘At a Glance–Understanding India’: India’s first monthly magazine for expatriates, which serves as a social and cultural guide, providing rich insights into India’s cultural heritage, traditions and customs with a variety of must dos and must visits in important geographic locations across the country.

Superlative Service Experience:

Ensure hassle-free banking anytime, anywhere for the account holder

-- Frontline Expatriate Training Workshops;

-- Dedicated website

-- International toll-free number

-- Welcome Calling

-- Frontline Expatriate Resources Directory on the intranet

On this occasion, Mr. Jayakumar released ‘India Maximised: Expat Handbook’, a book specially designed to enhance the India experience for expatriates. This book, presented by Citibank, helps unravel the unique and distinct personality of Incredible India. It contains a wealth of information on a wide range of diverse, yet relevant topics including economic policies, stock market, applicable tax laws etc. that provides the readers a first hand perspective on how to maximize the India opportunity, both personally and professionally.

As India’s economy grows and becomes more vibrant, it will continue to attract a steadily growing stream of foreign nationals across managerial levels, who are now coming to India to work, contribute and benefit from India’s rapid march towards becoming a global economic superpower. Over 80,000 expatriates currently reside in India and this number is (conservatively) estimated to grow at more that 15% every year. A stint in India is viewed as a great learning ground for long-term career success.

Detailing the content of Citibank’s offering for expatriates, Mr. T R Ramachandran, Head, Retail Banking, Citibank N.A, India said, “Through this comprehensive and novel offering for the expatriate community, we aim to place this new segment of foreign nationals residing in India center stage. Our survey provided us with a 360 degree view of the needs and requirements of our customers and we are confident that this Citibank offering will naturally fill the gap between what is currently being offered by the market and what these individuals really need.”

About Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com