US banking major Citi group on 25 February 2012 sold its 9.85 percent stake in HDFC, India’s biggest mortgage lender, for around 1.9 billion dollars.
Citi group, the third largest lender of US by assets, was in alliance with the HDFC for last seven years. The sale of stake has come as the part of company’s strategy to disinvest in order to raise the capital as Citigroup faces a potential multi-billion-dollar writedown of its minority stake in Morgan Stanley Smith Barney brokerage.
Citi group, by selling its stake in HDFC, has joined the league of European and American banks like HSBC and Goldman Sachs who have also sold their Asian assets as global rules for higher risk buffers force lenders to raise their capital.
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