New Delhi: HDFC Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank and Development Bank of Singapore (DBS) have emerged as the top five contenders to handle Citi India’s estimated $2 billion retail business.
The Economic Times, which mentioned this in a report, quoted top banking sources as saying that Kotak Mahindra, HDFC and DBS are considered the favorites to grab a franchise.
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“Five banks have been shortlisted as top candidates for India business and the next step is to shortlist three suitors with whom Citi will negotiate for higher valuations. Citi is looking to cut a better deal for its credit card business because it’s a high-earning book,” The Economic Times quoted one of the two bankers cited above as saying.
A portion of the Citi business in India will give Singapore-based DBS Bank a larger footprint locally.
“While we periodically evaluate potential bolt-on opportunities in the markets where we are active, we do not comment on the specifics of any particular opportunity,” The Economic Times quoted a DBS spokesperson as saying.
A Citi spokesperson commented, but declined to discuss the specifics of the bids.
“With deals of this nature, the likely transaction process will take place over several months and will require negotiations with a wide range of interested buyers,” he said.
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Kotak Mahindra, HDFC, Axis Bank and IndusInd Bank have yet to comment on this.
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