Citibank says Hold to Islamic Subsidiary

It seems that one of the planet’s largest bank is adopting the “Wait-and-See” strategy. With most of the banks branching into Islamic banking, Citibank announced that they will only be looking at it next year.

Too many things on the plate already?

CITIBANK Bhd will look into the possibility of setting up an Islamic banking subsidiary only next year, its top official said.

“(Malaysia) is an Islamic hub for us, for the region and in some instances around the globe, and so clearly it is something that we will look at.

“But chances are we’ll only look at it next year,” said Piyush Gupta, the bank’s country officer and chief executive officer.

Citibank has “no plans” to launch an Islamic subsidiary this year, he added.

Source: Business Times

You might want to read these too...