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

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

    On 1 March 2023, the sale of Citi’s India consumer business to Axis Bank Limited (Axis), which Citi and Axis first announced in March 2022, was concluded.

  • 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.

    Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a 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. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

    For the fiscal year ended March 31, 2022, Citibank India reported a Profit After Tax of ~INR3,727 crores


  • On May 24, 2022, CVC Capital Partners successfully closed a US$330 million 5-year loan backing its acquisition of Indian chemicals contract manufacturer Sajjan India Limited. The transaction received overwhelming response from 14 lenders in syndication. Citi acted as a Joint Mandated Lead Manager, Bookrunner and Underwriter on this transaction. The transaction represents one of the largest inbound acquisitions in Indian chemicals contract manufacturing space
  • On January 5, 2022, Reliance Industries Limited successfully completed its US$4 billion multi-tranche offering, returning to the debt capital markets after a hiatus of 4 years. This was the largest ever foreign currency bond issuance from India. Citi served as a Global Coordinator & Active Bookrunner for this landmark transaction
  • On January 10, 2022, Shriram Transport Finance priced a highly successful US$475 million senior secured social bond offering under the 144A / Reg S format, the first Social Bond issued in 2022 globally. Citi acted as Joint Global Coordinator and Bookrunner on the transaction
  • On January 12, 2022, State Bank of India priced a very successful US$300 million 5-year Regulation S dual-listed inaugural Formosa bond offering, a drawdown under the US$10 billion MTN Program. SBI reopened Formosa markets for Indian issuers post 2017. Citi acted as Joint Bookrunner on this landmark transaction
  • On January 6, 2022, Baring Private Equity Asia successfully closed a US$570 million 5-year loan backing its acquisition of healthcare services division of Hinduja Global Solutions. The transaction received an overwhelming response with 13 lenders joining in general syndication. Citi acted as a Joint Mandated Lead Manager, Bookrunner and Underwriter on this transaction


  • On May 16, 2022, Citi acting as a Book Running Lead Manager (BRLM) priced the US$685 million IPO of Delhivery. The transaction was one of the few tech deals that were priced globally in 2022. Citi was the international marketing coordinator and led the institutional marketing effort, and also procured the highest number of anchor investors with highest share of anchor allocation
  • On May 12, 2022, Citi acting as a BRLM priced the US$2,690 million IPO of Life Insurance Corporation of India. This IPO was the largest Indian IPO ever and the second-largest insurance IPO globally since 2015
  • On April 21, 2022, Nicomac Machinery / Dr. Ravi Penmetsa sold c. 3.3% stake (US$ 225 million) in Gland Pharma through a block trade. Citi served as a sole broker on the trade
  • On April 5, 2022, Carlyle Group sold c. 3.1% stake (US$329 million) in SBI Cards and Payment Services through a block trade. Transaction was priced at a tight discount of 2.8% to the previous close. Citi served as a sole broker on the trade
  • On March 31, Citi acting as a Seller Broker completed the Offer for Sale (“OFS”) of ONGC Limited, wherein Government of India sold c. 1.5% stake worth c. US$395 million / c. INR30 billion on Indian stock exchanges


  • On June 24, 2022, the Board of Directors of Zomato Limited (“Zomato”) approved acquisition of Blink Commerce Private Limited (“BCPL”) and the warehousing and ancillary services business of Hands on Trade Private Limited (“HOTPL”), together referred to as “Blinkit”, for a total purchase consideration of INR 45,082 million (US$ 578 million). Citi is acting as the financial advisor to Blinkit on the transaction
  • On May 06, 2022, the Boards of Directors of Larsen & Toubro Infotech Limited (“LTI”) and Mindtree Limited (“Mindtree”) at their respective meetings approved a Composite Scheme of Amalgamation (“Scheme”) of both these independently listed IT services companies under Larsen & Toubro Limited (“L&T”). Upon the Scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger. Citi is acting as the exclusive financial advisor to LTI on the transaction
  • On April 06, 2022, IDFC Limited ("IDFC") announced the sale of its mutual fund business to a consortium comprising of Bandhan Financial Holdings Ltd, (Singapore’s sovereign wealth fund) GIC and (private equity firm) ChrysCapital for a cash consideration of INR 4,500 crore (c.US$600 million). Citi is acting as the exclusive financial adviser to IDFC
  • On March 30, 2022, Citi announced that it has reached an agreement with Axis Bank Limited (Axis) for the sale of Citi’s consumer businesses in India. Axis will pay to Citi a cash consideration of approximately US$1.6 billion for the acquisition, subject to customary closing adjustments. Citi’s Banking, Capital Markets and Advisory Group is acting as exclusive financial advisor to Citi in respect of the transaction
  • On January 27 2022, Generali, Future Enterprises and Industrial Investment Trust Limited (“IITL”), reached an agreement to restructure the shareholding of their Indian insurance Joint Ventures, operating both in P&C and Life, respectively, Future Generali India Insurance (“FGII”) and Future Generali India Life (“FGIL”). Citi acted as exclusive financial advisor to Generali

    Citi India is focused on building Corporate Citizenship programs that enable progress and drive change across communities, and are in line with the priorities of The Government of India, Citi Foundation, and Citi globally. In FY22, Citi, in partnership with 20 NGOs, initiated programs across seven critical areas – Disaster Relief, Financial Inclusion and Economic Empowerment for Women, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts. The bank’s core values of innovation and excellence, digitization, and thought leadership, led to the creation of programs that demonstrated and scaled impact, backed by best practices and standardized metrics. 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.

    In addition to INR75 crores disbursed in FY21 towards immediate COVID relief efforts, in FY22 Citi announced an incremental INR200 crores pledge to be disbursed over the next three financial years towards addressing medium-term challenges posed by the pandemic. The INR186 crores disbursed thus far has impacted 2.5 million individuals in the last two years. FY22 relief efforts include forging public-private partnerships to augment medical health infrastructure towards procurement of medical equipment, increasing bed capacity by supporting the building of a new tower and wing, and a permanent facility for infectious diseases, as well as subsidized treatment programs for those from low-income households.

    Additionally, over 300,000 free vaccinations were administered to individuals from low-income households through a partnership with Jaslok Hospital and Research Centre. To address food security during the second wave, over 3.37 lakh ration kits were distributed to families across India, impacting 1.56 million individuals through GiveIndia. Citi CSR’s youth employability program empowered over 70,000 youth (52% of whom were women) by supplying market-driven programs and providing placement opportunities in collaboration with 8 NGO partners.

    Through our Bank for Good program, Citi provided doorstep financial literacy to over 186,000 women in Karnataka enabling 4,897+ of them to influence women in their villages to and become change agents in partnership with Buzz Women.

    Asset Country and Regional Awards 2022
    Best Bank-Global
    Best Corporate & Institutional Adviser-Global

    IBA Banking Technology Awards 2022
    Best Technology Bank (Foreign Banks)
    Best Cloud Adoption (Foreign Banks)

    Euromoney Awards for Excellence 2022
    Best Investment Bank in India

    Asiamoney Best Bank Awards 2022
    Best International Bank

    2022 Greenwich Leaders
    Greenwich Share Leader among Foreign Banks in
    Indian Large Corporate Banking– Ranked No. 1 with 44% market penetration
    Indian Middle Market Banking

    Greenwich Quality Leader among Foreign Banks in
    Indian Large Corporate Banking
    Indian Middle Market Banking

    2022 Greenwich Excellence Awards for Indian Large Corporate Banking
    Knowledge of International Banking Needs
    Coordination of Product Specialists

    Greenwich Quality Leaders 2022
    Asian Large Corporate Trade Finance — India