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Citibank launches small business service network

Identifies 3 broad categories to focus in the SBP segment

— PHOTO: PAUL NORONHA

SMALL IS BIG: Rajiv Jamkhedkar (left), Business Manager-CitiBusiness, with Bina Jang, Senior Editor, Executive Service, Economist Intelligence Unit, at a press conference in Mumbai on Wednesday.

MUMBAI: Citibank on Wednesday unveiled its marquee, offering in the small businesses and professional space — Citibusiness Power Access — to leverage their collective strengths.

The bank, whose small business loans comprise 35-40 per cent of its total retail lending, expected the new offering to accelerate growth further, Citibank Head (Personal Loans and Business Banking) Rajiv Jamkhedkar told reporters here.

The Citibusiness power access is a privilege network, offering a suite of business and financial solutions and services, targeted at small businesses and professionals (SBPs). The services included small business cards, business concierge advisory, deals and discounts among others to award priority focus to SBPs, Mr. Jamkhedkar said.

The power access network has 11 service providers and the bank is evaluating new partnerships in categories like telecom and computer hardware to expand the network to 15. The service providers include travel, trade and forex services and tax advisory among others. "We have identified three broad categories — merchants and traders, service professionals and small-scale manufacturers and exporters — to focus in the SBP segment,'' he said. — PTI

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