NRI Real Estate and Property Investment in India
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HDFC Home Loans from Citigroup
Friday, June 01, 2007

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 Bankís 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. Citigroupís re- investment will help it retain its current stocks of 12.3% in HDFC, after the Carlyle deal.

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