Shriram City in talks to buy out Citi Financial India
Published on Thu, Jul 22, 2010 at 21:25 | Source : CNBC-TV18
Updated at Thu, Jul 22, 2010 at 21:43
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Shriram City in talks to buy out Citi Financial India
Citi Financial India has been scouting for buyers over the last few months. After Kotak Mahindra Bank, Citi Financial India has entered into active discussion with Tamil Naidu-based Shriram City Union Finance, reports CNBC-TV18 Gopika Gopakuamar.
Citi Financial India has been scouting for buyers over the last few months. After Kotak Mahindra Bank, Citi Financial India has entered into active discussion with Tamil Naidu-based Shriram City Union Finance, reports CNBC-TV18 Gopika Gopakumar.
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Shriram City Union Finance is in active discussion with Citi Financial India for a complete buy. It is learnt that Shriram has already appointed Bank of America-Merill Lynch as the investment banker.
Citi Financial falls under an entity called Citi Holdings. Citi Group is looking to sell-off all its non-core investments under the Citi Holdings. Citi Financials India has 118 branches in India with 2000 employees.
However Citi Bank has declined to comment.
Sources in Shriram City has that it is looking at expand business in India by foraying into mortgage business. It is targeting at both organic and inorganic growth.
