A number of leading players in the Indian banking sector, including the country’s biggest lender, State Bank of India, are now positioning themselves for Citi's assets, the Times of India reported.

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Citibank announced earlier this week that it was exiting retail banking operations in India and 12 other countries due to bleeding profits and a lack of scale.

Citibank is most likely to sell its individual business operations by segment to different banks.

The most lucrative of the remaining operations that Citi has in India remains its valuable credit card operations. Even though Citibank had started to downsize the number of branches across the country while also reducing its acquisitions and tie-ups, its credit card operations remained valuable.

SBI Credit, a subsidiary of the State Bank of India, is among those that are speculated to be the main contender for taking over Citi's card business. SBI Credit's stock prices rose 7.5 percent on Friday as a result.

While HDFC is the biggest competitor in the Indian card operations, it cannot easily take on more customers due to stronger regulatory policies that are being enforced by the Reserve Bank of India. Kotak Mahindra Bank is another strong contender for its retail business.

Also Read: Citibank latest in line of foreign banks which have reduced their exposure in India

Other smaller banks are also in the race for valuable Citi assets, according to industry insiders. The RBL Bank and IDFC Bank stand to gain a lot from acquiring Citi's high profile credit card portfolio.

Foreign banks like HSBC, Standard Chartered and DBS Bank are also likely to show interest in the assets. DBS Bank last year took over Lakshmi Vilas Bank to expand its presence in the country as well.

According to reports, the quality of its credit card customers remained top-notch in the country. Most of Citi's clients have a higher than average net worth and subsequently, spend way more than an average credit card holder in the country. Citi's credit card business is being valued at around Rs 22,000 crore by various bankers.

Citibank will be focusing its operations on growing lucrative segments like wealth management and in rising wealth hubs like London, Dubai and Singapore.

Also Read: Citibank to exit India: Know its impact on existing account holders, credit card customers