'Citigroup buys new office in Mumbai for $187 mln' | business | Hindustan Times
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'Citigroup buys new office in Mumbai for $187 mln'

business Updated: Apr 25, 2012 10:23 IST
Reuters
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US bank Citigroup has bought six floors of office space in Mumbai for 9.85 billion rupees ($186.7 million) from a consortium led by the Purnendu Chatterjee Group, the Economic Times reported on Wednesday.

Two Citigroup entities - Citibank NA and Citigroup Global Markets - have bought more than 297,000 square feet at First International Finance Centre in Bandra Kurla Complex.

The move by Citi follows other international banking and financial sector companies like Lazard and Standard Chartered that have shifted to the new business district in the central part of the city from Nariman Point in south Mumbai.

"This investment represents yet another significant commitment by Citi to its franchise in India," the newspaper quoted a Citi spokesperson as saying.

Citi will shift all consumer-facing businesses such as finance, core banking and private banking to the new office, leaving administrative departments, finance, legal and HR at its present office in south Mumbai, the report said.

($1 = 52.7 rupees)