Citigroup ups ante in India buying out Standard Life stake in HDFC

Citigroup buys 9.3% stake in HDFC, one of India's leading providers of mortgage finance, from Standard Life taking total holding to 12.3%

Sameera Anand

May 08, 2006

Citigroup further consolidated its position in the financial services arena in India late last week buying out Standard Life's 9.3% stake in Housing Development Finance Corporation Limited HDFC. Citigroup did not disclose the consideration paid to acquire the stake. As per the prevailing market price of HDFC - which hovered around Rs1300 levels - the value of the stake is around $675 million. HDFC is the second largest provider of home loans in India. HDFC has also spawned a presence across the financial services space with subsidiary or associate companies in mutual funds, commercial banking, life insurance, general insurance, realty and other areas.

After this transaction, Citigroup - which already owned about 3% in...

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