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.

  • 2018: Launch of India's first home loan linked to the 3-month Government of India Treasury Bill Benchmark Rate
  • 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. In FY18, Citi has been ranked the #1 bank in announced M&A transactions in India, #1 in Equity Capital Markets, and #3 book-runner for G3 bond issuances in India. In 2017, we helped raise US$8.5 billion of G3 bond capital and US$12.5 billion of equity capital for our clients, and advised on US$8.9 billion worth of announced M&A deals.

    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 NonResident proposition in 1985 to serve the global Indian's unique banking and wealth management needs. With 2.7 million credit cards in force and 9% share in card spends (August 2018), 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, 2018, Citibank India reported a Profit After Tax of INR3403 crores.

ECM

  • On March 05, 2018, HDFC Limited raised US$290 million through QIP of equity. This was the first ever straight equity capital raise by HDFC through QIP route. The deal launched and priced at a tight discount of 0.2% to last closing price. Citi acted as a Joint Bookrunner.
  • On March 13, 2018, Tata Sons monetized 1.6% stake worth US$1.4billion in Tata Consultancy Services through a block trade on Indian stock exchanges. It is the largest ECM transaction in IT sector in Indian market till date and witnessed robust demand. Citi acted as a Joint Bookrunner.
  • On March 13, 2018, L&T Finance Holding raised US$154 million through QIP of equity. Transaction was priced at parity to previous closing price despite steep run-up in stock price of over 36% in last 12 months. Citi acted as a Joint Bookrunner.
  • On March 26, 2018, ICICI Securities Limited completed its US$535 million IPO, the largest IPO of a pure-play financial services firm in India. Citi acted as a Joint Bookrunner.
  • On February 15, 2018, Idea Cellular Limited raised US$546 million through QIP of equity. Transaction launched just ahead of merger consummation with Vodafone and amidst challenging sector backdrop and volatile equity markets. Priced at tight discount of 2.7% to last closing price despite large transaction size of 10.8% of company’s existing capital. Citi acted as a Joint Bookrunner.
  • On January 09, 2018, Government of India monetized 2.5% stake worth US$190 million in NMDC Limited through offer for sale (“OFS”) on Indian stock exchanges. Transaction was launched at base size of 1.5% and subsequently upsized to 2.5% of company’s total capital given strong demand. Citi acted as a Joint Bookrunner.
  • On April 11, 2018, BG Asia Pacific, a 100% subsidiary of Shell, monetized 8.5% stake worth US$117 million in Mahanagar Gas (“MGL”) through block trade on Indian stock exchange. This is Citi’s second transaction in MGL, having previously led their IPO in 2016. Deal priced at tight discount of 4.2% to last closing price despite large deal size of over 90 days of
    1 month delivered ADTV. Citi acted as a Joint Bookrunner.
  • On May 04, 2018, IndInfravit Trust raised US$484 million through private placement of InvIT units. The transaction represents the first ever InvIT private placement out of India since the introduction of regulations in 2014 and the third InvIT listing. Citi acted as a Joint Bookrunner.
  • On May 08, 2018, Carlyle Group monetized 4.8% stake worth US$153 million in PNB Housing Finance. The transaction was successfully priced despite the large deal size, in excess of 70 days of company’s one-month ADTV and steep run-up of over 25% in the stock price in two months preceding the transaction. Citi acted as a Joint Bookrunner.
  • On June 29, 2018, Varroc Engineering completed its US$ 290 million IPO in India’s largest auto-component IPO till date. There was robust deal participation from high quality investors with QIB tranche subscribed 9.2x and the overall IPO was subscribed 3.6x. The IPO priced at a significant premium to global lighting peers amidst high volatility in India and global markets. Citi acted as a Joint Bookrunner.
  • On July 24, 2018, TCNS Clothing completed its US$ 164 million IPO, the largest branded apparel IPO in India till date. Robust demand from high quality investors with 84% allocation to foreign and domestic long-only investors. Transaction priced at premium valuation despite volatility in global equity markets and amidst sell-off in India mid-cap stocks. Citi acted as a Joint Bookrunner.
  • On July 30, 2018, HDFC Asset Management Company completed its US$ 410 million IPO, the largest IPO of an asset management company in India till date. The IPO received anchor indications from c.100 investors and generated a total demand of c.US$ 25 billion, the highest ever for FIG IPO in India and highest for any India IPO in the past 7 years. Citi acted as a Joint Bookrunner.
  • On September 3-4, 2018, Larsen & Toubro monetized 6.1% stake worth US$ 260 million in Larsen & Toubro Infotech through offer for sale (OFS) transaction. Transaction represents the 2nd largest private sector OFS till date. Robust investor response resulting in OFS subscribed c.3.2x and with clearing price at 2.6% discount to previous close. Citi acted as a Joint Bookrunner.
  • On August 23, 2018, BG Asia Pacific, a 100% subsidiary of Shell, monetized 14.0% stake worth US$ 170 million in Mahanagar Gas (“MGL”) through block trade on Indian stock exchange. This is Citi’s third transaction in MGL, having previously led Shell’s 8.5% sell-down in April 2018 and MGL’s IPO in June 2016. This is the largest block in India in terms of percentage stake sold in one tranche in the past six years and third largest in India till date. Transaction launched on eve of a major Asian holiday showcasing Citi’s ability to manage extended market risk. Citi acted as the Sole Bookrunner.
  • On August 24, 2018, Baring Private Equity monetized 8.4% stake worth US$ 160 million in Hexaware Technologies through block trade on Indian stock exchange. The transaction was successfully priced despite the large deal size in excess of 90 days of company’s 3-month delivered ADTV and steep run-up in the stock price of c.85% in the past 12 months. Citi acted as the Sole Bookrunner.
  • On September 27, 2018, Aavas Financiers completed its US$ 237 million IPO. Anchor indications received from ~40 investors and the deal was successfully priced despite extremely challenging and volatile market conditions coupled with a crisis in the India NBFC space which saw erosion of 15-50% of market cap of select NBFC and housing finance companies. Citi acted as a Joint Bookrunner.

DCM/Syndicate Loans

  • On January 18, 2018, ABJA Investment Co. Pte Ltd., a 100% owned subsidiary of Tata Steel, successfully priced a US$1.3 billion dual-tranche 5.5-yr and 10-year bond. The transaction achieved the lowest US$5.5-year coupon from an Indian HY issuer with a high quality orderbook totaling over US$4.7 billion. Citi, acted as Joint Lead Manager and Joint Bookrunner.
  • On January 15, 2018, Export-Import Bank of India successfully priced a US$1.0 billion 10-year bond. The transaction achieved the tightest USD 10-yr treasury spread by an Indian issuer and priced inside theoretical Exim 10-yr fair value. Citi, acted as a Joint Bookrunner.
  • On June 29, 2018, Tata Motors Limited completed ~US$237.5 million (c. 47.5%) tender offer of their US$500 million 2020 Notes. This was an opportunistic transaction to prepay part of the 2020 Notes as part of the Company’s strategy to manage its maturity profile. Citi acted as a Dealer Manager.
  • On August 1, 2018, Tata Motors Limited closed syndication of its c. US$ 250 million 7-year bullet term loan to refinance a portion of their US $500 million 2020 bond maturities. The syndication was oversubscribed in the market with Citi bringing in 64% of the overall demand and completed in record time of less than two months. Citi acted as a Joint Mandated Lead Arranger and Bookrunner, and Facility Agent.
  • On August 9, 2018, Genpact Limited closed the amendment and syndication of its US$ 1.18 billion credit facilities. This was a repeat mandate for Citi as we led the original transaction in 2015. Citi acted as a Joint Mandated Lead Arranger and Bookrunner.

M&A

  • On March 18, 2018, DP World Limited (“DPW”), a leading global port operator announced that through its majority owned subsidiary, Hindustan Infralog, it had entered into definitive agreements to acquire 90% stake in Continental Warehousing Corporation (Nhava Seva) (“CWCNSL”), an Indian integrated multimodal logistics company that owns and operates a network of container freight stations, private freight terminals and inland container depots in India. Citi acted as DPW’s financial advisor for the transaction and led the overall project execution.
  • On February 08, 2018, Virtusa Consulting Services Private Limited (“VCS India”), a wholly-owned subsidiary of US-listed Virtusa Corporation (“Virtusa”), announced that it has accepted the price discovered through the reverse book build mechanism in relation to the voluntary delisting offer initiated by VCS India for Polaris Consulting & Services (“Polaris”) in October 2017. Citi acted as the exclusive advisor, manager to the Delisting Offer and broker to VCS India, anchoring all aspects of the transaction.
  • On January 20, 2018, Oil and Natural Gas Corporation Limited (“ONGC”) acquired 51.1% equity stake in Hindustan Petroleum Corporation Limited (“HPCL”). ONGC acquired the 51.1% stake from the Government of India for an all cash consideration of US$5.8 billion, one of the largest domestic acquisitions in India. Citi acted as financial advisor to ONGC on the transaction.
  • On April 12, 2018, Reliance Industries Limited (“Reliance”) executed definitive agreements to acquire majority shareholding constituting 72.69% (on fully diluted basis) from existing investors of Indiavidual Learning Pvt Ltd (“Embibe”), a leading Artificial Intelligence education platform. Reliance has agreed to invest up to US$180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. Citi acted as a financial advisor to Reliance on this transaction.
  • On May 01, 2018, Schneider Electric SE (“Schneider Electric”) and Temasek Holdings Private Limited (“Temasek”) announced all cash acquisition of Larsen and Toubro's Electrical and Automation division (“L&T E&A Business") for an enterprise value of INR 14,000 Crores (approx. US$ 2.2 billion). Citi acted as financial advisor to Schneider Electric with regard to the transaction.
  • On July 12, 2018, IHH Healthcare Berhad (“IHH”) announced its acquisition of controlling stake in Fortis Healthcare Limited, a leading healthcare service provider in India, through its wholly owned subsidiary Northern TK Ventures. The transaction will be a combination of primary equity infusion and secondary purchase from public shareholders of Fortis. Implied equity valuation for 100% of Fortis is US$ 1.3 billion. Citi acted as a joint financial advisor to IHH.
  • On August 27, 2018, Blue Coral Investment Holdings Pte. Ltd and Mountainpeak Investment Holdings Ltd., investment vehicles advised by ADV Partners Capital Limited, entered into agreements to acquire Gerdau S.A.’s participating interest in Gerdau Hungria KFT Y Cia Sociedad Regular Colectiva (“Gerdau Spain”), owner of 98.89% of Gerdau Steel India Ltd. (“GSI”) for US$ 120 million. Citi acted as an exclusive financial advisor to Gerdau S.A.
  • On September 24, 2018, Global Logistic Properties (“GLP”) and IndoSpace jointly announced their establishment of a long-term strategic partnership. GLP will partner with IndoSpace and also co-invest in IndoSpace’s managed investment vehicles. The partnership will enable IndoSpace to leverage GLP’s fund management, development and operational expertise and resources, as well as GLP’s extensive global customer network, to further strengthen IndoSpace’s leadership position in India. Citi acted as an exclusive financial advisor to the transaction.
  • On September 25, 2018, Oyo Rooms, India’s largest hospitality company, announced raising U$ 800 million in its latest financing round. The round was led by the SoftBank Vision Fund with participation from Lightspeed Venture Partners, Sequoia and Greenoaks Capital. The company has also received a commitment of an additional U$ 200 million, bringing the total amount to U$ 1 billion in this round. The funds from this round will be used to strengthen its position in China. Citi acted as an exclusive financial adviser to the SoftBank Vision Fund.

  • 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, of Citi India’s 58 premises, 25 are LEED compliant which accounts for 65% of Citi India’s real estate footprint. These facilities are architecturally and environmentally responsible and green, using natural resources judiciously.

Asiamoney Country Awards 2018
Best International Bank for India

Global Finance Best Digital Bank Award 2018
World’s Best Digital Consumer Bank – India
The World’s Best Corporate/Institutional Digital Bank – India

Greenwich Associates 2018 Quality Leader
Asian Large Corporate Banking Quality for India - first
Asian Large Corporate Cash Management Quality - first

Finance Asia Country Awards for Achievement 2018
Best International Bank
Best International Investment Bank

The Asset Triple A Digital Awards 2017
Digital Bank of the Year
Best Retail Mobile Banking Experience

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

The Asset Triple A Asset Servicing, Fund Management and Investors Awards 2017
Best Fund Administrator - retail funds, by country (joint winner)
Best Sub-custodian by country

Euromoney Awards for Excellence 2017
Best Investment Bank

IBA Banking Technology Awards 2017-18
Special Jury Award

Dun & Bradstreet India’s Leading BFSI Awards 2018
India’s Leading Bank - Foreign

Customer Experience Awards 2018
Best Use of Innovation to Enhance Customer Experience

The ABF Retail Banking Awards 2018
Debit Card Initiative of the Year - India

TransUnion CIBIL 10th annual Credit Information Conference 2018
Best Data Quality Amongst Foreign Banks April 2018

FE-EY Best Banks Survey 2016-2017
Best Foreign Bank