Citigroup to buy Standard Life's 9.3pc stake in India's HDFC |
Citigroup Friday confirmed it had signed a definitive agreement to purchase Standard Life (Mauritius Holdings) Ltd's 9.3 percent equity stake in HDFC Ltd, India's second largest mortgage lender.
The purchase will raise Citigroup equity interest in HDFC to 12.3 percent. In addition, HDFC has announced that Citigroup will nominate one candidate to its 13-person board, says a press release.
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 build a long-term relationship with the management team that has established HDFC's record of success."