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 400098.

Ashu Khullar

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 Solution Centres, has been a leading offshoring unit for Citigroup globally, providing employment opportunities in the areas of technology, processing, analytics and financial processes.

  • 2020: Ikea Family Credit Card by Citi
  • 2020: Citi Registers First FPI via Online Common Application Form
  • 2019: Paytm and Citi Partner to Launch Paytm First Card
  • 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 2020, Citi has been ranked as a top bookrunner in ECM and DCM and #4 bank in M&A. We helped raise US$11.8 billion of capital from bonds and loans and US$18.6 billion of equity capital for our clients in India and advised on US$6.7 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 2.65 million credit cards in force 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, 2020, Citibank India reported a Profit After Tax of INR4,918 crores.

M&A

  • On February 28, 2020, Total Holdings SAS ("Total"), subsidiary of Total S.A., the world’s second largest private LNG player, successfully completed purchase of 37.4% stake in Adani Gas Limited (“AGL”), the leading city gas distribution company in India, for US$867 million through an open offer and on exchange purchase from Adani Group. Citi acted as the sole Manager to the open offer, exclusive Broker for secondary market purchase from the Promoters and an Escrow Agent in relation to the open offer
  • On February 18, 2020, Reliance Industries Limited (“RIL”) announced consolidation of its media and distribution businesses under which Network18 Media & Investments would acquire TV18 Broadcast, Hathway Cable & Datacom and DEN Networks via share swap schemes of arrangement in a transaction valued at US$1.1 billion. Citi served as the exclusive financial adviser to Network18 Media & Investments
  • On April 17, 2020, Eros International PLC (“Eros International”), a global Indian entertainment company and STX Filmworks Inc (“STX Entertainment”), a global, next generation media company, announced a definitive all-stock merger agreement to create “Eros STX Global Corporation”, the first publicly traded, independent content and distribution company with global reach and unique positions in the US, India and China. Citi served as the exclusive financial adviser to Eros International on the merger
  • On June 18th, 2020, Public Investment Fund (“PIF”) announced a binding bid to invest INR11,367 crore (~US$1,500 million) in Jio Platforms Limited (“Jio Platforms”) for a 2.32% fully diluted stake. The investment enables PIF to participate in one of the fastest growing internet and digital economies globally, and is a milestone investment by PIF into the Indian market. Citi is acting as the exclusive financial advisor to PIF. This transaction is the second advisory assignment Citi has executed for PIF in 2020
  • On September 23, 2020, HT Global Holdings BV (“HT Global BV” or “Acquirer”) along with HT Global IT Solutions Holdings Limited (“HT Global IT”), holding companies part of Baring Private Equity Asia (“BPEA”), announced that they accepted the price discovered through a reverse book building mechanism in relation to the voluntary delisting offer (“Delisting offer”) initiated by BPEA for Hexaware Technologies Limited (“Hexaware”). Citi acted as advisor to BPEA and manager to the Delisting Offer. In addition, Citi acted as a Mandated Lead Arranger, Underwriter and Bookrunner for up to $600 million syndicated term loan facilities at HT Global IT, proceeds of which are to be used for partial financing of the delisting transaction as well as refinancing of existing senior notes at HT Global IT.

ECM

  • On January 09, 2020, Citi acted as a Global Coordinator and Book Running Lead Manager for US$3.0 billion combined offering of QIP and FCCB for Bharti Airtel. Transaction was the largest combined offering in India, largest follow-on primary offering in India in INR terms and largest ever TMT equity capital markets trade in India
  • On April 15, 2020, Citi acted as a joint bookrunner for a successful stake monetization in Metropolis Healthcare by Carlyle worth c. US$100 billion. It was first fully backstopped trade amidst global volatility since outbreak of COVID-19
  • On May 19, 2020, Citi acting as sole broker, led a block trade worth c. US$1.1 billion for Siemens AG and Siemens Gas and Power Holding B.V. in Siemens Limited (c. 24% holding). The transaction was a part of the global restructuring of Siemens Group
  • On June 03, 2020, Citi acted as a joint lead manager for Reliance Industries’ Rights issue worth c.US$ 7 billion. The transaction represents the largest Rights issue globally in last 10 years and India’s largest ever capital market transaction
  • On June 03, 2020, Citi acted as the sole broker for successful stake monetization of c. 1.3% by HDFC Ltd in HDFC Life for c. US$170 million. Transaction demonstrated Citi’s ability to execute trades at a tighter discount even on backstopped basis, was executed at a discount of 1.9% to previous day as against a median discount of 6.5% in last five transactions in HDFC Life
  • On July 08, 2020, Citi acting a joint book-runner, led a c. US$ 265 million QIP of equity shares in PI Industries. The transaction was priced successfully despite run-up in stock price (c. 55% since start of nationwide lockdown in India)
  • On July 20, 2020, Citi, acting as a Joint Lead Manager, led a c. US$ 2.0 billion follow on public offering of equity shares in Yes Bank Limited. It was the largest ever FPO in the history of Indian equity capital markets
  • On August 03, 2020, Citi acting as a Joint Lead Manager, led the c. US$ 600 million Initial Offer of Units of Mindspace Business Parks REIT. This was only 2nd public listing of a REIT platform in India
  • On August 06, 2020, Citi, acting as a Joint Global Coordinator and Lead Manager, led a rights offering of equity worth c. US$ 200 million in Shriram Transport Finance Company, 1st underwritten rights offering from India in last 5 years
  • On August 10, 2020, CITI, acting as a Joint Lead Manager, led a c. US$ 2.3 billion triple barreled QIP offering of Equity + NCD + Warrants for HDFC Ltd. Transaction was the largest QIP offering by any financial Institution out of India and the largest offering ever by any Housing Finance Company / NBFC
  • On August 12, 2020, Citi acting as a Joint Lead Manager, led a rights offering of equity worth c. US$ 411 million in Mahindra & Mahindra Financial Services Limited (“MMFSL”). Citi has been part of all 4 equity capital raising transactions by MMFSL since MMFSL’s IPO in 2006
  • On August 13, 2020, Citi acting as a Joint Lead Manager, led a block trade to sell stake worth c. US$ 112 million in India Grid Trust for Sterlite Power Grid Ventures. Transaction was the 1st ever block trade of units of an InvIT in India
  • On August 14, 2020, Citi acting as a Book Running Lead Manager, led a c. US$ 2.0 billion QIP of equity shares in ICICI Bank Limited. Transaction was the largest QIP offering by a private sector bank in India
  • On October 03, 2020, Citi acting as a Book Running Lead Manager, led a c. US$ 293 million IPO by UTI AMC Limited. The transaction was an offer of sale, representing 30.75% of paid-up Equity Share capital of the company
  • November 09 to December 21, 2020, Citi acting as a Sole Broker, led c. US$ 157 million of stake sell-down by Moneyline Portfolio Investments (an affiliate of KKR) in Max Financial Services Limited through market dribble across three tranches
  • On November 10, 2020, Citi acting as the Sole Broker, led a block trade to sell stake worth c. US$ 220 million in Crompton Greaves Consumer Electricals Limited for Amalfiaco and Macritchie Investments. The deal was executed on the back of run-up in stock price of c.22% in last 2 months
  • On November 12, 2020, Citi acting as a Book Running Lead Manager, led US$ 872MM IPO of Gland Pharma Limited. Transaction was the largest ever IPO in India pharma sector and features among the top 20 largest IPOs ever in India
  • On November 25, 2020, Citi acting as a Sole Bookrunner, led US$ 11 million OFS of equity shares in Ingersoll India Limited

DCM

  • On January 6, 2020, Export-Import Bank of India priced a US$1.0 billion 10-year bond offering, with the tightest ever coupon for a 10-year bond by an Indian entity. Citi acted as a Joint Lead Manager
  • On January 9, 2020, Shriram Transport Finance priced a US$500 million 3-year bond offering, first social bond form India. Citi acted as a Joint Lead Manager
  • On January 17, 2020, Bajaj Finance Limited completed $575 million equivalent syndicated term loan. The transaction was its inaugural issuance in the Asian loan markets. Citi acted as Joint Mandated Lead Arranger and Bookrunner
  • On February 5, 2020, Adani Electricity Mumbai Limited priced US$1.0 billion 10-year inaugural offering. Citi acted as a Joint Lead Manager
  • On February 12, 2020, Bharti Airtel Limited successfully tapped US$250 million of its existing Subordinated Perpetual securities. Citi acted as a Joint Bookrunner, Joint Lead Manager and Billing & Delivery Agent
  • On February 20, 2020, UPL Corporation Limited priced US$400 million subordinated perpetual bond. Citi acted as Joint Bookrunner
  • On February 24, 2020, Cairn India Limited (part of the Vedanta Group) completed $500 million syndicated term loan for general corporate purposes and capex. Citi acted as Joint Mandated Lead Arranger and Bookrunner
  • On April 13, 2020, Novelis Inc. drew the US$1.875 billion credit facilities for acquisition of Aleris Inc. Citi acted as Joint Mandated Lead Arranger and Bookrunner
  • On June 9, 2020, UPL Corporation Limited priced US$500 million 10-year bond offering, first private issuance since the start of COVID-19 pandemic over 3 months ago. Citi acted as a Joint Global Coordinator and Joint Bookrunner
  • On July 28, 2020, Adani Ports and SEZ Limited priced US$750 million 7-year bond offering, first ever 7 year US$ bond issuance by an Indian Private sector IG corporate. Citi acted as a Joint Global Coordinator
  • On October 12, 2020, JSW Steel priced US$500 million senior unsecured guaranteed notes. Citi acted as Joint Lead Manager and Bookrunner
  • On October 30, 2020, HT Global IT Solutions Holdings Limited (Baring Private Equity Asia) closed the syndication of its up to US$600 million syndicated term loan for privatization of Hexaware and refinancing of existing indebtedness. Citi acted as Joint Mandated Lead Arranger and Bookrunner
  • On November 26, 2020, TML Holdings Pte. Limited, a wholly-owned subsidiary of Tata Motors Limited and sole holding company of its international businesses incl. Jaguar Land Rover, priced US$300mn bond offering. A non-binding Letter of Comfort was provided by the parent company. Citi acted as Joint Bookrunner on this transaction.
  • On December 9, 2020, Vedanta priced US$1 billion long 3NC2 senior notes offering. Citi served as a Joint Global Coordinator while also serving as Joint Dealer Manager on a concurrent tender for near-term 2021 senior note maturities.
  • On December 14, 2020, AICTPL, a 50:50 joint venture between Adani Ports and SEZ & Terminal Investment Ltd.  priced a US$300 million inaugural senior secured notes offering. Citi served as Joint Global Coordinator and Joint Bookrunner on this transaction  

  • Citi India is committed to enabling progress and driving change across the communities that we live and operate in through five focus areas: Youth Employability, Financial Inclusion, Art and Culture, Education, as well as Healthcare and Sanitation. Citi plays a role in addressing socio-economic challenges across India through collaboration and partnerships in these areas, which are in line with the Government of India’s national priorities.
  • By working with organizations that share a common focus on innovation and inclusion, Citi India contributed INR 68.7 crore in Citizenship initiatives, impacting 1.74 million individuals for the financial year ended March 31, 2020, across the country. In addition, since its inception in India in 1999, the Citi Foundation grant program has catalyzed opportunities for more than 3 million individuals across the country.
  • Our employees practice the philosophy of ‘Citizens of Progress.’ Citi India’s senior business leaders leverage their expertise and skills to add strategic value to our partner organizations. Employees are given the opportunity to give back to causes of their choice, through ‘Giving at Citi,’ an employee payroll giving program. ‘Giving at Citi’ stands unique within the Citi community, being the only such program with matching institutional contributions, across Citi offices globally, demonstrating the India Franchise’s, and its employees’, resolve to support causes that matter. Meanwhile, Citi’s annual Global Community Day (GCD) is a unique initiative where Citi volunteers serve society and tackle issues such as cleanliness, education, and more. On Citi’s 14th annual GCD, 9750 individuals, including 2409 volunteers from partnering organizations, invested over 34,000 hours towards the cause. This was the highest participation across Asia Pacific.
  • Citi strives to achieve a real-estate footprint that is environmentally sustainable. Out of 61 of Citi India’s premises, 34 are LEED compliant, accounting for 75% of Citi India’s real estate footprint. One of Citi’s offices achieved a WELL certification at Silver Level in October 2018.

India Workplace Equality Index (IWEI) 2020
Recognized as a ‘Gold’ employer

The Asset Triple A Country Awards 2020
Best Bank - Global in India
Best Corporate and Institutional Adviser – Global in India

FinanceAsia Country Awards for 2020
Best International Bank in India
Best International Investment Bank in India

The U.S. Green Building Council's 2020 Greenbuild Leadership Award