Citibank India is making a strong comeback in the corporate finance space, shifting its focus toward investment banking and capital market advisory following its exit from retail banking operations in 2023. With India’s equity markets on a historic growth trajectory and a robust pipeline of billion-dollar public offerings on the horizon, Citibank is scaling up its local operations to position itself as a leading player in high-value dealmaking.
In a recent statement, Ashu Khullar, CEO of Citibank India, confirmed that the bank is expanding its investment banking team to tap into the growing appetite for equity fundraising. The move comes at a time when several major companies, including Tata Capital, Pine Labs, WeWork India, and LG Electronics, are preparing for large-scale IPOs. These deals represent not only capital formation but also a signal of market maturity, attracting both domestic and global institutional investors.
Citibank’s pivot is aligned with broader trends in India’s financial sector. Over the past 18 months, Indian markets have witnessed a consistent flow of IPOs across technology, manufacturing, fintech, and consumer sectors. With investor confidence high and regulatory clarity improving, many firms are fast-tracking listing plans to benefit from favorable market conditions. The Bombay Stock Exchange and National Stock Exchange are reporting record primary market activity, making India one of the most active IPO hubs globally.
By reinforcing its local investment banking presence, Citibank aims to strengthen relationships with high-growth companies looking to raise capital, expand operations, or enter new markets. The bank is also positioning itself as a strategic advisor in merger and acquisition transactions, capital structuring, and cross-border financing. For global clients with interests in India, this move provides a single-window solution for advisory, execution, and compliance support.
Citibank’s renewed focus also aligns with its global strategy to concentrate on institutional clients and high-margin segments. After selling its Indian retail banking business to Axis Bank, the firm has redirected resources toward areas where it holds a competitive edge. In India, this includes structured finance, foreign currency hedging, ESG-linked financing, and now equity capital markets. The bank’s strong global network allows it to connect Indian companies with international pools of capital, making it a preferred partner for IPOs and private placements.
From a market perspective, Citibank’s resurgence in investment banking strengthens competition and expands the range of advisory options available to Indian enterprises. Traditionally dominated by domestic banks and a handful of international players, India’s investment banking landscape is now seeing increased depth and specialization. As deal sizes grow and compliance becomes more complex, demand for experienced global advisors is rising sharply.
For Indian startups, unicorns, and established companies looking to go public, the presence of a globally connected institution like Citibank adds credibility and reach. It also enables them to attract diverse investor classes, from sovereign wealth funds to pension funds and family offices. This level of access can make a significant difference in pricing, allocation, and post-listing performance.
Citibank’s strategic reinvestment into India’s capital markets underscores the long-term potential of the country’s financial ecosystem. As capital flows intensify and the domestic investor base expands, India is emerging as a key market for global financial institutions. The current wave of IPOs is not just a temporary cycle but part of a larger structural shift in how Indian companies raise capital and engage with global markets.
In the coming quarters, the success of Citibank’s investment banking strategy will hinge on its ability to deliver high-quality execution, maintain regulatory alignment, and build enduring client relationships. But early indicators suggest that the bank is positioning itself at the right place, at the right time in the middle of India’s most exciting capital market expansion in a decade.