New Delhi: HDFC Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank and the Development Bank of Singapore (DBS) have emerged as the highest 5 contenders to take over Citi India’s estimated $2-billion retail enterprise.
The Economic Times, which talked about this in a report, cited prime banking sources as saying that Kotak Mahindra, HDFC and DBS are thought of favourites to seize the franchise.
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“Five banks have been shortlisted as top candidates for the India business and the next step is to shortlist three suitors with whom Citi will negotiate a higher valuation. Citi is also looking to cut a better deal for its credit card business as it is a high-grossing book,” The Economic Times quoted one of many two bankers cited above as saying.
A bit of the Citi enterprise in India would give the Singapore-based DBS Bank a much bigger footprint regionally.
“While we, from time to time, evaluate potential bolt-on opportunities in 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 on the identical however declined to debate the specifics of the bids.
“As with deals of this nature, the likely transaction process will customarily take place over a number of months and will require interaction with a wide range of interested buyers,” he stated.
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Kotak Mahindra, HDFC, Axis Bank and IndusInd Bank are but to touch upon this.
