Citigroup to purchase Stan Life's 9.3 pc stake in HDFC

New Delhi, May 5 (UNI) Citigroup today confirmed that it has signed an agreement to purchase Standard Life (Mauritius Holdings) Ltd's 9.3 per cent equity stake in HDFC Ltd, raising its equity interest in HDFC to 12.3 per cent.

HDFC also announced that Citigroup will nominate one candidate to its board consisting of 13 members.

''We are pleased to have the opportunity to make this investment in a leader in Indian financial services and to build a long-term relationship with the management team that has established HDFC's record of success,'' Citigroup Country Officer, India, Sanjay Nayar said, Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.

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