Page 2 - Citi Bank

Citi India, ISDM launch CIFSI to enhance research on innovative financing

Citi India and Indian School of Development Management (ISDM) on Thursday announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing. The centre in the national capital will help in raising dialogue among public and private stakeholders to tackle developmental challenges, a joint statement said. The centre and its objectives resonate with Citi's commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty, Citi India CEO Ashu Khullar said. The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programmes that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment, it said. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and

Axis Bank reports Rs 5,361 cr loss in Q4 on Citi acquisition payout

Axis Bank reported a Rs 5,361 crore loss on a consolidated basis for the January-March period against a net profit of Rs 4,417 crore a year ago, impacted by the Rs 12,490 crore payout towards the Citi acquisition. On a standalone basis, the third largest private sector lender reported a Rs 5,728 crore loss against a net profit of Rs 4,117 crore in the year-ago period, and Rs 5,853 crore in the preceding December quarter. Its managing director and chief executive Amitabh Chaudhry told reporters that the impact of acquiring Citi's retail businesses is a one-time one, and if one were to exclude the same, the net profit would have grown by over 61 per cent on a year-on-year basis. The bank's core net interest income grew 33 per cent to Rs 11,742 crore driven by a 0.73 per cent expansion in the net interest margin at 4.22 per cent and an over 20 per cent growth in advances. The other income grew 16 per cent to Rs 4,895 crore during the quarter. Its chief financial officer Puneet Sharma

Citi, JICA announce co-finance loan to IndusInd Bank for agriculture sector

This includes a $30 million loan by Citi and JPY 13 billion loan by JICA

Citi launches its branch in GIFT IFSC; to offer financing solutions

The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions

After UBS merger, Credit Suisse planning layoffs in India back offices

Credit Suisse's equity strategists Neelkanth Mishra and Ashish Gupta recently quit and joined the Axis Bank group. These positions are likely to be filled by USB analysts

SVB fallout: Present imperfect, future tense for Indian start-ups

Though many of them expect limited near-term impact, lack of SVB-like support system may pinch them later

Balance sheet comfort may allow RBI to let rupee appreciate: Citi

Citi estimates the RBI's gross forex sales in the first nine months of fiscal 2023 at $189 billion against $96 billion in the whole of fiscal 2022

Axis Bank-Citi deal: Synergies seen FY25 onwards on deposit, AUM attrition

The higher deposit run-down, coupled with optically higher loss in Q4, could weigh on the stock performance in the near-term

What Axis Bank's acquisition of its consumer biz means for Citi's customers

Product such as home loans and credot/debit will undergo no change; but in case there are changes, the customer will be duly informed

Axis Bank-Citibank deal likely to be completed by March 1

This means by March 1, all the customers, employees and assets of the Citi will be transferred to Axis

Hindenburg fallout: Adani Group decreasing exposure to Indian banks

Of all the debt the Adani Group has, over half is foreign debt in the form of overseas bonds and loans taken from foreign banks, and a fourth is from domestic banks

Citi names Aditya Bagree markets head for India, South Asia cluster

Bagree will report to Citi India's CEO Ashu Khullar and Citi's Asia Pacific head of markets, Julia Raiskin

Citigroup's $900 mn Revlon blunder ends with dismissal after bank's victory

In the epic blunder, Citigroup's banking unit accidentally sent the creditors of Revlon almost a billion dollars

Citigroup sets India as high priority market amid rising China risks

The nation saw a record $82 billion in merger and acquisition deals in the second quarter, defying a slump elsewhere

Adani Group signs non-dealing pact with foreign banks on cement stake

Adani stake is worth Rs 1.01 trillion as of Tuesday

Airtel Africa signs up for $125-mn credit pact with America's Citi

Airtel Africa has signed up for a USD 125 million revolving facility from American banking major Citi.

CCI clears Axis Bank's proposed acquisition of Citi's consumer biz in India

Under the deal worth Rs 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.

Citi expects revenue from Indian corporate business to grow 10% a year

MUMBAI (Reuters) - Citigroup expects annual growth in its corporate banking business in India to accelerate to 10% in the next few years as it focuses on its institutional business after recently selling its consumer banking business, a top executive said.

We are looking at being distinctive as a bank: Axis Bank MD & CEO

In a Q&A, Axis Bank MD & CEO Amitabh Chaudhry says bank's core leadership is focused on 19 transformative initiatives, at both business and functional levels in order to become better execution engine

Confident of delivering value on bid for Citi India deal: Axis Bank's Moghe

India's third-largest private lending is purchasing the retail business in a transaction worth Rs 12,235 crore