Mumbai – Citigroup confirmed today that it has signed a definitive agreement to purchase Standard Life (Mauritius Holdings) Ltd’s 9.3% equity stake in HDFC Ltd, India’s second largest mortgage lender. The purchase will raise Citigroup equity interest in HDFC to 12.3%. In addition, HDFC has announced that Citigroup will nominate one candidate to its 13-person Board.
Sanjay Nayar, Citigroup Country Officer, India, said: “We are pleased to have the opportunity to make this investment in a leader in Indian financial services and to build a long-term relationship with the management team that has established HDFC’s record of success.“
