CITI IN INDIA

Citi In India.

Citi In India.

Citi Centre

First International Financial Centre:
Plot Nos C-54 and C-55, G-Block,
Bandra Kurla Complex,
Bandra East, Mumbai 400051.

Pramit Jhaveri

Chief Executive Officer
Citi India

www.citibank.com/india

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    Citi began operations in India over a century ago in 1902 in Kolkata and today is a significant foreign investor in the Indian financial market. As promoter-shareholder, Citi has played a leading role in establishing important market intermediaries such as depositories, credit bureau, clearing and payment institutions. Citi helped lay the foundation of the Indian software industry by establishing Citicorp Overseas Software Ltd. and Iflex Solutions Ltd.; it pioneered the ITES industry in financial services through Citigroup Global Services Ltd. (CGSL). Oracle acquired Iflex in 2005 and CGSL was acquired by Tata Consultancy Services in 2008. Citi India added two more green certified buildings to its office premises in 2012, and in 2013 moved its headquarters to The First International Financial Centre (FIFC), a world-class environmentally friendly building. In addition, Citi India, through its network of Citi Service Centres, has been a leading offshoring unit for Citigroup globally, providing employment opportunities in the areas of technology, processing, analytics and financial processes.

  • 2017: Launch of Hello, a multi-dimensional digital value proposition for Citigold clients
  • 2017: Launched e-Chat on Citibank Online and Citi Mobile, post log in
  • 2017: Launched Voice Biometrics Authentication on CitiPhone
  • 2016: Instant loan on card, instant insurance, express decisioning for personal loans
  • 2016: Online document upload
  • 2016: PayTM wallet loading on Citi Internet Banking
  • 2015: Launched Citi Priority
  • 2015: Launched Instant Personal Loan
  • 2015: Launched Citi MasterPass, India's first global wallet
  • 2015: Launched ATM funds transfer via IMPS
  • 2014: Citi Prestige, Citi's first global credit card and Citi Ultima, a 'by invitation only' credit card.
  • 2013: Instant Credit Card issuance at Mumbai's first mall-based smart-banking branch at Palladium, Lower Parel, Mumbai.
  • 2013: Launch of the First Fully Integrated and Certified Mobile Payment Solution.
  • 2012: Launch of market-first mobile-banking receivables solution Citi Mobile Collect.
  • 2012: First Smart Banking Branch launch in India.
  • 2012: Launch of India's first airline agnostic card through Citi PremierMiles.
  • 2012: First to roll out SMS-to-Call and Click-to-Call; instantly connecting customers to Citibank officers.
  • 2010: First brokerage house to launch Financial Information Exchange (FIX) protocol, the industry-driven international messaging standard, adopted by NSE.
  • 2009: First to bring to India next-generation contactless Credit Card payments based on Near Field Communications technology with Citi Tap and Pay.
  • 1993/1998/2001: First to offer 24-hour Phone banking/Internet banking/SMS alerts.
  • 1986: Pioneered Cash Management.
  • 1985: First bank to launch a dedicated platform focused on serving the unique banking and wealth management needs of the Non Resident Indian.

    Citi is an employer of choice in India and serves the full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises and enabling individuals and households save, invest, spend, borrow and protect their money with trust and confidence. Citi India's products and services are organized under two major segments: Institutional Clients Group (ICG) and Global Consumer Bank (GCB).

    The ICG serves Citi's best-in-class products, services and execution through Global Banking, Global Markets, Treasury & Trade Solutions, Securities & Fund Services and Citi Research. Citi Private Bank is also a division of the ICG. Citi has been ranked the #1 bank in Equity Capital Markets (ECM) and M&A (Completed deals) for the year 2016. Citi has topped the ECM league table for 8 years out of the last 10 fiscal year periods, helping clients raise over USD78 billion of equity capital since 2005. For five years since CY2012, Citi has been the No.1 M&A advisor in India based on Announced or Completed deals and continues to maintain a high mindshare of strategic dialogues with Indian and international clients. Citi India has been amongst the top 2 bookrunners on the G3 bond league table for five years (since CY2012). In CY16, Citi helped clients raise c. USD19.1 billion in capital across equity and debt markets.

    Under GCB, Citi India offers the full range of consumer banking products and services. We serve our clients across the entire wealth continuum as they grow in affluence. We offer solutions for clients in every segment – beginning with our path-breaking salaried proposition (Suvidha), the emerging affluent (Citi Priority), the affluent (Citigold) and the High Net Worth individuals (Citigold Private Client). We pioneered the Non-Resident proposition in 1985 to serve the global Indian's unique banking and wealth management needs. With 2.6 million credit cards in force and ~11% share in card spends (Oct '17), and the highest spend per card amongst major retail issuers, Citibank offers a full suite of market leading products, across categories - premium, rewards and co-branded.

    For the fiscal year ended March 31, 2017, Citibank India reported a Profit After Tax of INR3,626 crores.

DCM

  • On Aug 3, 2017, Canara Bank successfully priced a US$400 million 5-year bond. This was the tightest USD bond coupon & USD 5-yr treasury spread ever achieved by Canara Bank and resulted in 3.5x oversubscription. This marks the 4th consecutive USD bond deal that Citi has led for Canara Bank, having led all of Canara’s USD bond issuances since its inaugural US$250 mm issuance in 2006. Citi acted as a Joint Bookrunner.
  • On Aug 1, 2017, Axis Bank Limited successfully priced a US$500 million 5-year bond. This was the tightest USD 5-yr treasury spread achieved by an Indian Bank in the last 10 years and priced through the existing Axis Bank curve. Citi acted as a Joint Bookrunner.
  • On July 5, 2017, Hindustan Petroleum Corporation Limited successfully priced an inaugural US$500 million 10-yr Bond. The transaction achieved the tightest USD 10-yr treasury spread by an Indian O&G player ever and by an Indian Corporate in the last 11 years. The issuance saw a high quality orderbook resulting in a 6.3x oversubscription. Citi acted as a Joint Bookrunner.
  • Citi, acting as Joint Global Coordinator, successfully priced a US$500 million 10-year 1-month bond for Adani Ports and Special Economic Zone Limited.
  • Citi, acting as Joint Lead Manager, successfully priced an inaugural US$500 million 5NC2 bond for Marble II Pte. Ltd., a Blackstone-owned holding company.
  • Citi, acting as Joint Global Coordinator, successfully priced an inaugural US$375 million 10-year bond for HPCL-Mittal Energy Limited.
  • Citi, acting as Joint Global Coordinator, successfully priced a US$500 million 10-year bond for Oil India International Pte. Ltd., a wholly owned subsidiary of Oil India Limited.
  • Citi, acting as Joint Lead Manager, successfully priced a follow-on US$500 million 5-year bond for JSW Steel Limited.
  • Citi, acting as Sole Underwriter, priced an INR 2,000 crore (cUS$ 300 million) 3-year Unsecured Unlisted Non-Convertible Debentures Issuance for Tata Sons, the principal investment holding company of the Tata Group.
  • Citi, acting as Joint Global Coordinator, successfully priced a US$500 million 5-year bond for Adani Ports and Special Economic Zone Limited ("APSEZ"). The transaction was priced at Negative to Zero New Issue Premium and achieved significant tightening of 20 bps over initial guidance.
  • Citi, acting as Joint Global Coordinator and Joint Dealer Manager successfully priced a US$1.0 billion 6.375% 5.5-year bond for Vedanta Resources Plc. The new issue was in conjunction with an 'any and all' tender offer of its existing 2018 and 2019 Notes. The transaction was one of the largest ever Asian corporate liability management transactions and the first G3 HY bond transaction from India in 2017.
  • Citi, acting as Joint Lead Manager, successfully priced a US$500 million 5-year bond for State Bank of India. This transaction was the first G3 bond issuance by an Indian bank in 2017 and marked SBI's return to the G3 senior unsecured issuance format after the last bond in April 2014.
  • Citi, acting as Joint Bookrunner, successfully priced an inaugural €500 million 10-year bond for NTPC Limited. This was the first 10-year Euro bond issuance by an Asian utility issuer and achieved the tightest Euro coupon ever achieved by an Indian issuer.
  • Citi, acting as Joint Global Coordinator, successfully priced a US$600 million 10-yr Senior bond for BPRL International Singapore Pte. Ltd. ("BISPL"), an indirect 100% subsidiary of BPCL. This was the first international bond offering from India and achieved the tightest 10-yr treasury spread achieved by an Indian Corporate in the last 11 years.

ECM

  • On September 22, 2017, SBI Life Insurance completed its USD 1.3bn IPO, the largest FIG IPO in India at that time. Transaction priced at a premium to trading multiples of Indian and regional life insurance peers. Robust demand with institutional tranche covered c.12.6x and overall IPO subscribed c.3.6x. Citi acted as a Joint Bookrunner.
  • On September 19, 2017, Tata Sons acquired ~1.6% stake for USD 310 million in Tata Motors through reverse book build block trade. This is only 2nd reverse book build block in India and was priced at tight premium of c.4% to previous closing price and at parity to company’s 3 months VWAP. Citi acted as Sole Bookrunner.
  • On September 15, 2017, InterGlobe Aviation (“IndiGo”) completed USD 590 million equity offering under Institutional Placement Programme (IPP). This is the largest ever offering under IPP format in India and first ever private sector IPP enabling both promoter sell down and primary capital raise. Citi acted as a Joint Bookrunner.
  • On September 15, 2017, Goldman Sachs PIA completed ~4.4% sell-down in Max Financial via USD 110mm block trade. This is Citi’s 3rd transaction for Goldman Sachs PIA sell-down in Max Financial, enabling them to fully exit their position. The deal was priced at parity to previous closing price. Citi acted as Sole Bookrunner.
  • On August 30, 2017, Government of India (“GOI”) sold stake worth USD 1.5bn through offer for sale (“OFS”) in NTPC. This is the 2nd largest power sector OFS and 4th largest GOI divestment. Despite pricing at tight discount of 3.1% to previous closing price, institutional tranche was oversubscribed 1.4x. Citi acted as a Joint Bookrunner.
  • Citi, acting as the Sole Bookrunner, executed a backstopped trade to sell ~4.9% in Max Financial Services for Xenok Limited, a Goldman Sachs PIA entity through a ~US$122 million block trade.
  • Citi, acting as a Joint Bookrunner, led the USD 350 million IPO of India Grid Trust ("India Grid") sponsored by Sterlite Power Grid Ventures, a leading private sector transmission company in India.
  • Citi, acting as a Joint Bookrunner, led the USD 296 million IPO of Au Small Finance Bank.
  • Citi, acting as a Joint Bookrunner, led the USD 387 million QIP of Federal Bank.
  • Citi, acting as a Joint Bookrunner, led the USD 268 million IPO of Eris Lifesciences.
  • Citi, acting as a Joint Bookrunner, led the USD 121 million IPO of Tejas Networks.
  • Citi, acting as a Joint Bookrunner, led the USD 490 million sell down in Petronet LNG by GDF International, a subsidiary of Engie S.A.
  • Citi, acting as a broker for KKR acquired 7.0% stake in Bharti Infratel worth US$650 million on the stock exchange. The transaction is part of Bharti Airtel's broader monetization of US$952 million and proceeds to be used for deleveraging Airtel's balance sheet.
  • Citi acting as sole advisor for Caisse de Depot et Placement du Quebec (CDPQ) acquired 1.0% stake in Kotak Mahindra Bank worth US$224 million. Citi also acted as a sole broker to CDPQ as the trade was executed on the block trade window of the Indian stock exchanges.
  • Citi acting as sole bookrunner for Goldman Sachs PIA executed a backstopped trade to sell 5.6% in Max Financial Services through a US$125 million block trade. Goldman Sachs PIA owned 15.4% in the company and monetized a part stake via this sell down executed on the Indian stock exchanges.
  • Citi acting as a joint bookrunner for Hindalco Industries raised US$500 mm of equity through a QIP offering. The QIP, which was the largest in the metals & mining space in India was priced at parity to its previous day closing price.
  • Citi acting as sole bookrunner for Providence PE executed a backstopped trade to sell 3.3% in Idea Cellular through a US$193 mm block trade. Providence PE owned 3.3% in the company and monetized its entire holding via this sell down.
  • Citi acting as the Joint Bookrunner for sale of 2.0% stake in ITC Limited by SUUTI raised US$993 mm via a block trade. SUUTI owned 11.1% in the company and monetized a part stake via this sell down.

M&A

  • On September 29, 2017, Capital International Private Equity acquired a 40% equity stake in InterGlobe Technology Quotient Limited (“ITQ”) from its private equity investors and promoters, the Bhatia family. Post the transaction, promoters will hold 60% stake in ITQ. ITQ is a leading travel commerce company and Global Distribution System (“GDS”) service provider with presence in India, Sri Lanka, Nepal, Bhutan, Mauritius and Maldives. ITQ is the official and sole distribution partner for Travelport in India for 20+ years. Citi acted as financial advisor to the selling shareholders and ITQ on the transaction.
  • On August 10, 2017, Flipkart Group, India’s leading e-commerce marketplace, announced an investment — a mix of primary and secondary capital — from SoftBank Vision Fund, the world’s largest technology-focused investment fund. This is the biggest ever private investment in an Indian E-Commerce company, and will make the Vision Fund one of the largest shareholders in Flipkart. Citi acted as financial advisor to SoftBank Vision Fund on the transaction.
  • On April 5, 2017, Canada Pension Plan Investment Board (CPPIB) and The Phoenix Mills Limited (PML) announced participation in a strategic investment platform, Island Star Mall Developers Pvt. Ltd (ISMDPL), to develop, own and operate retail-led mixed-use developments across India. Phoenix Mills is a leading retail mall developer and operator in India with c. 6.0 mn sqft of retail space spread across 8 malls in 6 gateway cities of India. Citi acted as the financial advisor to ISMDPL.
  • On May 15, 2017, Canada Pension Plan Investment Board (CPPIB) and IndoSpace, India’s largest developer of modern industrial and logistics real estate, announced the creation of IndoSpace Core, a joint venture that will focus on acquiring and developing modern logistics facilities in India. CPPIB has committed approximately US$500 million to the joint venture and will own a significant majority stake. Citi acted as the financial advisor / placement agent to IndoSpace in connection with the transaction.
  • On June 15, 2017, Warburg Pincus ("Warburg") announced its intention to invest around US$360 million for approximately 43% equity stake in Tata Technologies Limited ("Tata Technologies"). Warburg will purchase approximately 30% from Tata Motors Limited ("Tata Motors") and its subsidiaries as well as the entire 13% stake held by Tata Capital. Citi acted as the exclusive financial advisor to Tata Motors.
  • Citi is acting as the exclusive financial advisor to Telenor ASA on its definitive agreement with Bharti Airtel Limited to sell 100% of Telenor (India) Communications Private Limited.
  • Citi is acting as an exclusive financial advisor and manager to the tender offer in India to Warburg Pincus, on its announced acquisition of Spain-based Accelya. Accelya owns ~75% of India-based Accelya Kale Solutions, which is listed on the Indian Stock Exchange and has a market capitalization of ~US$360mn. The transaction triggers a mandatory tender offer at Kale in India for a maximum consideration of ~US$71 million. Citi is acting as the Manager to the Open Offer.

  • Citi India endeavors to support the nation's priorities, in the areas of education, financial inclusion, youth skilling, empowerment, basic nutrition and preventive healthcare, art and culture and environmental sustainability
  • Since its inception in 1999, the Citi Foundation grant program has catalyzed opportunities for more than 2.5 million people across the country while working in the areas of Financial Capability & Asset Building, Youth Education & Livelihoods, Enterprise Development and Microfinance. In 2014, Citi Foundation launched the India Innovation Grant Program to encourage non-governmental organizations (NGOs) to develop innovative programs that are scalable and replicable. At the time, the Foundation's focus area was solely in the space of Financial Inclusion. In 2015, the program extended to also encompass Youth Skilling, based on the Indian Government's national priorities. In 2016, the program focuses on Youth Skilling and Livelihoods
  • The protection and promotion of India's national heritage, art and culture has been an integral part of Citi India's Citizenship philosophy, strategy and mandate. It has continued its strong partnership with the National Centre for the Performing Arts (NCPA), celebrating the Guru-Shishya Tradition with the Citi-NCPA Aadi Anant Festival of Indian Music, The Guru-Shishya Scholarship Program, and the Music for Schools program. Further, Citi India is also proud to be patron of the first and only much acclaimed Symphony Orchestra of India since its inception in 2007. Further, Citi India has also partnered with the Prince of Wales Museum on two programs- the first entails the conservation and restoration of 150 important objects of the CSMVS Collection of various types and categories, while the second is a Museum on Wheels program
  • Close to 5,200 Citi employees, families, friends and NGO partners came together in 7 cities to participate in 15 events themed on 'Swacch Bharat' for Citi's Global Community Day, held in May and June 2017. Citi India launched Giving at
    Citi – the revamped employee payroll giving program - in May 2016.
  • In alignment with its commitment to environmental conservation, Citi India is proud to have three Platinum LEED certified premises in India. Each of these facilities is architecturally and environmentally responsible and green, using natural resources judiciously

The Asset’s Triple A Country Awards 2017
Best Bank, Global
Best Corporate and Institutional Bank, Global
Best M&A Advisor for India

Dun & Bradstreet Banking Awards 2017
Best Foreign Bank - Retail
Best Foreign Bank – Asset Quality
Best Foreign Bank –Overall

Global Finance Best Digital Bank Award 2017
Best Corporate/Institutional Digital Bank in India

Euromoney Awards for Excellence 2017
Best Investment Bank

Finance Asia Country Awards for Achievement 2017
Best Foreign Bank
Best Foreign Investment Bank

Asiamoney India Banking Awards 2017
Best International Bank

IBA Technology Banking Awards 2017
Best Payment initiatives in the mid-sized banking category
Best Risk Management, Fraud and Cyber Security Initiatives in the mid-sized banking category
Runner up in Best Technology Bank of the Year in the mid-sized banking category

The Asset Triple A Digital Awards 2016
Best e-Bank in India