Citigroup to purchase Standard Life's stake in HDFC

Citigroup will purchase Standard Life (Mauritius Holdings) Ltd's 9.3 per cent equity stake in mortgage lender HDFC Ltd.

Global financial services company Citigroup said on Friday that it will purchase Standard Life (Mauritius Holdings) Ltd's 9.3 per cent equity stake in mortgage lender HDFC Ltd.

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Citigroup had signed an agreement in this regard and the purchase would raise the company's equity interest in HDFC to 12.3 per cent, it said in a relase here.

"We are pleased to have the opportunity to make this investment in a leader in Indian financial services and to build a long-term relationship with the management team that has established HDFC's record of success," Citigroup Country Officer, India, Sanjay Nayar said.

HDFC has also announced that Citigroup will nominate one candidate to its 13-person Board.