Citigroup, the financial services giant, will sell HDFC home loan products through all its branches in India alongside its own loan services.
This arrangement follows an agreement signed by the two finance
companies which would see cross-selling of their products, provided
HDFC Bank’s dealings are not in variance with Citigroup.
Citigroup holds 12.3% stake in HDFC Standard Life Insurance following
its purchase last May of stocks worth Rs. 3,021 crore.
HDFC will make a preferential allotment to private equity investor
CMP Asia, a Carlyle group company, and to Citigroup. Citigroup’s re- investment will help it retain its current stocks of 12.3% in HDFC, after the Carlyle deal.
