Arab Today, arab today citigroup sells stake in hdfc for 19b
Last Updated : GMT 10:57:25
Arab Today, arab today
Arab Today, arab today

Citigroup sells stake in HDFC for $1.9b

Arab Today, arab today

Arab Today, arab today Citigroup sells stake in HDFC for $1.9b

Mumbai - Arabstoday

Citigroup has sold its stake in India’s Housing Development Finance Corporation (HDFC) for $1.9 billion, as global banks focus on shoring up their balance sheets to meet stricter capital requirements. Citi said on Friday it would likely record an after-tax gain of about $722 million from the sale of its 9.9 per cent holding in India’s biggest mortgage lender. Analysts expect global banks, as well as buyout firms, to step up sales of their holdings in Asian companies over the next few months, taking advantage of a rebound in share prices. “Many of these investments were made when Western banks were flush with cash and Asian valuations were cheap,” said Jeff Yeh, chief investment officer at Capital Investment Trust in Taipei, which has more than $1 billion in assets under management. “With tighter capital requirements and more problems back home, it seems reasonable that some of these banks are thinking about selling their Asian investments at a profit,” he said. “This is a recurring theme that I expect to continue happening for most of this year.” Major foreign bank holdings in Asia include HSBC’s 19.9 per cent stake in China’s Bank of Communications and Dutch bank and insurance group ING’s 26 per cent holding in TMB Bank in Thailand. Citi itself owns 20 per cent of China’s unlisted Guangdong Development Bank, which was reported to have been planning a $4 billion initial public offering last year. Bank of America made an after-tax profit of $1.8 billion in November from its sale of shares in China Construction Bank. From 2013, banks across the world will be required to use a common format for disclosing the size and quality of their capital safety buffers to help reassure investors they are stable. Citi’s sale of its holding in HDFC is the biggest share sale in the Indian market since April last year, according to Thomson Reuters data. It follows the sale of stakes in other Indian financial firms by international investors including US private equity firm Carlyle Group and Singapore state investor Temasek Holdings. Temasek, Carlyle and Warburg Pincus raised $740 million by paring their stakes in financial companies, including HDFC, in three separate deals earlier this month. The sales have coincided with a sharp rise in the share prices of Indian financial companies, which would be among the main beneficiaries of expected interest rate cuts by the Reserve Bank of India later in the year. India’s stock market has risen about 16 per cent so far this year. MSCI’s broadest index of Asia Pacific shares outside Japan has risen 14 per cent in the same period. The sale of the HDFC stake is part of “ongoing capital planning efforts,” Citi said in a statement. The bank sold 145.3 million HDFC shares at 657.56 rupees each.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup sells stake in hdfc for 19b Arab Today, arab today citigroup sells stake in hdfc for 19b

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday