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.

  • 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. Citi has been ranked the #1 bank in Equity Capital Markets (ECM) and M&A (Completed deals) for the year 2016. Citi has topped the ECM league table for 8 years out of the last 10 fiscal year periods, helping clients raise over USD78 billion of equity capital since 2005. For four years since CY2012, Citi has been the No.1 M&A advisor in India based on Announced or Completed deals and continues to maintain a high mindshare of strategic dialogues with Indian and international clients. Citi India has been amongst the top 2 bookrunners on the G3 bond league table for five years (since CY2012). In CY16, Citi helped clients raise c. USD19.1 billion in capital across equity and debt markets.

    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 (CitiAtWork), the emerging affluent (Citibanking), the new wealth builders (Citi Priority), the affluent (Citigold) and the High Net Worth individuals (Citigold Private Client). We pioneered the Non-Resident proposition in 1985 to serve the global Indian’s unique banking and wealth management needs. With 2.42 million credit cards in force and ~13% share in card spends, 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, 2016, Citibank India reported a Profit After Tax of INR3,233 crores.

Equity Capital Market

Block/Offer for sale:

  • Citi acted as the sole active book runner on behalf of Sumitomo Mitsui Banking Corporation, to sell their 1.8% stake in Kotak Mahindra Bank through a US$305 million block trade. The trade was executed at INR630.7, a premium of 0.1% to the closing price prior to launch, and represented over 30 times of Kotak's 3-month average daily traded value
  • Citi acted as Joint Bookrunner for Castrol Limited (subsidiary of BP Group) to sell 20.0% in the Castrol India Ltd (Market Capitalization of ~US$ 3.0 billion) via block trades on the Indian stock exchange. The monetization was executed via two tranches of 11.5% and 8.5% stake
  • Citi acted as a sole bookrunner on behalf of the founders of the company (Mr. Gopalakrishnan, Mr. Shibulal and family), to sell a part of their holding in Infosys Ltd. through a US$128 million block trade, executed on the Indian stock exchanges. The trade was executed at a price of INR1149, a tight discount of 2.5% to the closing price prior to launch
  • Citi acted as the Sole bookrunner for the promoters of Eicher Motors to sell 4.2% in the Company through a US$ 315 million block trade. The deal received high quality early anchor demand and was well-oversubscribed. Citi acted as a one-stop shop to the sellers providing an end-to-end solution across advisory, broking and settlement
  • Citi advised ING Mauritius on its 2.5% stake sell down worth US$550 million in Kotak Mahindra Bank Limited. The transaction was executed on the Indian stock exchanges at parity to previous day closing price
  • Citi acted as a Sole Bookrunner for the promoters of Bharat Forge to sell 1.0% stake in the Company through a US$30 million block trade executed on the Indian stock exchanges
  • Citi acted as a Joint Bookrunner for SUUTI to sell 1.5% stake in Larsen and Toubro Limited worth US$310 million via a block trade executed on the Indian stock exchanges. The deal was executed a tight discount of 2.0% to the previous day closing price
  • Citi acted as a joint seller broker to the Government of India, to sell their 5% stake in Container Corporation of India through an US$170 million Offer for Sale, completed on the Indian stock exchanges. The trade was executed with a floor price of INR1195, a discount of 2.6% to the last close price prior to launch. It received 2.0 times subscription
  • Citi acted as a Joint Seller Broker to the Government of India, to sell their 15% stake in NBCC (India Limited) through an US$330 million Offer for Sale, completed on the Indian stock exchanges. The trade was executed with a floor price of INR246.5, a discount of 2.7% to the last close price prior to launch

Buyback

  • Citi successfully led the US$24 million Buy-back of Just Dial’s Equity Shares, by way of a Tender Offer through the stock exchange mechanism, at a price of INR1550, a premium of 41.7% to the closing price prior to the Board approving the Buyback (June 4, 2015). The transaction received a total subscription of 15.5 times (23% of total shares outstanding were tendered in the Buyback)

IPOs

  • Citi led the US$155 million IPO for Mahanagar Gas Ltd (MGL), the joint venture company of Shell-BG and GAIL. Citi led the strategic aspects of the IPO and was instrumental in driving execution, price discovery and demand modalities of the transaction. The transaction is the most successful IPO in the last five years, receiving overwhelming investor response of more than 64x
  • Citi, acting as a Joint Global Coordinator and Bookrunner priced the US$182 million IPO of L&T Infotech. This was the last large Indian IT services company to go public and the third listing from the L&T Group. The IPO saw robust overall demand in excess of US$1.5 billion and received the largest number of applications in an Indian private sector IPO in the last eight years
  • Citi, acting as a Joint Global Coordinator and Bookrunner priced the US$182 million IPO of RBL Bank. This was the first IPO from a private sector bank in India since 2005. The IPO saw robust investor response with overall demand in excess of US$8.8 billion (c.70 times covered excluding the cornerstone tranche)
  • Citi acting as Joint bookrunner successfully priced the US$175 million IPO of Endurance Technologies. The IPO saw robust investor response with overall demand in excess of US$5.3 billion (c.44 times covered excluding the cornerstone tranche). 94% of the cornerstone tranche was allocated to long only global investors and local institutions
  • Citi acting as a Joint Bookrunner successfully led the INR 1,331 crores (US$194 million) IPO of Laurus Labs, an R&D driven pharmaceutical company. The IPO was one of the largest healthcare sector IPOs in India and oversubscribed 4.6 times, generating over INR 4,500 crores of overall demand

Debt Capital Market

Joint Bookrunner

  • US$500 million 10-year bond for NTPC. This was the tightest USD bond coupon ever achieved by NTPC. The transaction marks the fourth consecutive USD bond deal that Citi has led for NTPC since 2011
  • US$700 million 10-year bond for ICICI Bank. The issuance marked the first USD bond issuance by an Indian private sector bank in 2016 and achieved the lowest 10-year USD bond coupon by any Indian bank
  • Inaugural US$ 500 million 5-year Green Bond Offering for Axis Bank. The issuance marked the first USD Green Bond issuance by an Indian private sector bank and received strong demand from high quality Green Bond investors with allocation in excess of 20% of the issuance size. This was the first bond by an Indian Issuer to be listed on the London Stock Exchange and achieved the lowest 5 year USD bond coupon by any Indian commercial bank
  • Inaugural US$300 million PerpNC5 Basel III compliant Additional Tier 1 Capital Securities for State Bank of India. The transaction marks the inaugural USD AT1 issuance from India and established a benchmark for the USD AT1 product for Indian banks
  • US$500 million 5.5-year EMBI eligible bond for Export-Import Bank of India. The transaction marked the first international bond offering from India in 2016. The Notes were priced at a minimal new issue premium in a market paying elevated double-digit premiums
  • US$1.0 billion 10-year bond for Export-Import Bank of India ("Exim"). This was the inaugural 144A / Reg S transaction by an India sovereign proxy and by Exim and achieved the lowest 10-yr coupon by an Indian issuer in the USD bond market. This transaction marks the ninth USD bond deal Citi has led for EXIM Bank since 2004

Sole Arranger:

  • INR1,000 crores (c. US$150 million) Unsecured Unlisted Non-Convertible Debentures Issuance for Tata Motors Finance Solutions Limited (TMFSL). The transaction marks the second consecutive NCD issuance Citi has led for TMFSL since its inaugural issuance in March 2015
  • INR250 crores (c. US$38 million) 1-year Secured Listed Non-Convertible Debentures Issuance for Shriram Transport Finance Company, India’s largest asset financing Non-Banking Financial Company
  • INR200 crores (c. US$30 million) 1-year Secured Listed Non-Convertible Debentures Issuance for Indiabulls Housing Finance, India’s third-largest housing finance and second-largest private housing finance company in India
  • INR 450 crores (c. US$68 million) 2-month Unsecured Commercial Paper Issuance for Julius Baer Capital (India) Private Limited (JBCIL). JBCIL is a 100% owned NBFC of Julius Baer Group Ltd., one of the largest and best capitalized pure-play private banking institutions globally
  • INR 500 crores (c. US$ 75 million) c. 3-year Non-Convertible Debentures (“NCD”) issuance for Tata Motors Finance Limited (“TMFL”), having successfully priced INR 1,000 crores (c. US$ 150 million) NCD issuance for TMFL’s subsidiary in March 2016
  • Inaugural INR 500 crores (c.US$ 75 million), six and eight-month Unsecured Commercial Paper (“CP”) Issuance for BMW India Financial Services Pvt Ltd, (“BMW”), in two tranches. Citi deployed a swift execution strategy to access a favorable market window post rate cuts and easing liquidity in April, achieving extremely fine pricing for the inaugural Issuance by BMW

Joint Global Coordinator:

  • Inaugural US$500 million 5-year bond (the “Notes”) for UPL Corporation Limited (“UPL”). Citi led the ratings advisory, documentation, structuring, execution and devised a tailored marketing strategy for UPL. This was the inaugural USD bond issuance in the Agrochemical sector out of Asia and achieved the lowest 5-yr USD bond coupon ever achieved by an Indian private sector corporate
  • Inaugural US$300 million 5-year bond for Jubilant Pharma Limited (“Jubilant”). Citi played an instrumental role in developing the credit positioning story for Jubilant and in marketing the issue. Citi has successfully executed both inaugural issuances in the pharmaceuticals sector out of Asia
  • INR13.3 billion (~US$200 million) 3-year 1-month Senior Secured Masala bond Offering for Indiabulls Housing Finance Limited (“Indiabulls”). This was the inaugural international and Masala bond offering by Indiabulls
  • US$1.0 billion dual-tranche 5.5-year and 10-yr bond for ONGC Videsh Vankorneft Pte. Ltd, guaranteed by ONGC. The transaction marks the 3rd consecutive USD bond deal Citi has led for ONGC / OVL since 2013.
  • Inaugural US$200 million 5-year bond for Glenmark Pharmaceuticals Limited (“Glenmark”). The transaction was the inaugural USD bond issuance in the Pharma sector out of Asia ex-Japan and achieved the lowest coupon ever achieved by an Indian Non-IG Issuer
  • US$522.6 million 10-year Senior Secured Bond Offering (the “Notes”) for Delhi International Airport Private Limited (“DIAL”). This was DIAL’s second foray in the USD bond market and the first 10-year Non IG USD bond transaction from an India incorporated Issuer in the 144A / Reg S format

M&A

M&A Advisor to:

  • Bigbasket, which operates India’s largest online grocery platform, in its recently concluded ~US$150 million fundraising round
  • Siemens Limited on the sale of its Healthcare business to Siemens Healthcare Private Limited, a wholly owned subsidiary of its parent, Siemens AG for a sale consideration of INR30,500 million (c.US$450 million)
  • Dalmia Bharat Ltd. (“DBL”) on its acquisition of 15% of the share capital of Dalmia Cement Bharat Limited (“DCBL”) from KKR Mauritius Cement Investments Ltd. (“KKR”)
  • Mitsui Sumitomo Group on its acquisition of 14% stake in Cholamandalam MS General Insurance from TI India for US$180 million
  • Hungama Digital Entertainment Private Limited, India’s largest digital media entertainment company, on its recently concluded Series D US$ 25 million fundraising round. The round was led by the China based smartphone manufacturer, Xiaomi, with participation from existing investors, Intel Capital and Bessemer Venture Partners, along with promoter group including Rakesh Jhunjhunwala
  • ONGC Videsh Limited (“OVL”) on its bolt-on acquisition of 11% participating interest in CSJC Vankorneft (“Vankorneft”) from Rosneft Oil Company. This was OVL’s second stake purchase following an earlier 15% stake acquisition in May 2016, taking OVL’s total participation share in Vankorneft to 26%
  • HDFC Life, for its merger with Max Life Insurance Company Ltd and Max Financial Services Ltd. Post completion of the transaction, HDFC Life Insurance Company Limited (“HDFC Life”), the surviving merged entity, will be the largest private life insurance company in India with INR 25,500 crore in annual premium based on FY16. As per the agreed valuation and exchange ratio, HDFC Ltd. will hold approx. 42.5% of HDFC Life
  • LafargeHolcim on the divestment of its 100% stake in Lafarge India Ltd (“Lafarge India”) to Nirma Limited (“Nirma”) for an enterprise value of approximately US$1.4 billion

  • 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 3900 Citi employees, families, friends and NGO partners came together in 7 cities to participate in 13 events themed on ‘Swacch Bharat’ at Citi’s Global Community Day in May 2016. Citi India also launched Giving at Citi – the revamped employee payroll giving program. Since its launch in May 2016, there has been an increase of 63% in monthly contributions
  • In alignment with its commitment to environmental conservation, Citi India is proud to have three Platinum LEED certified premises in India. Each of these facilities is architecturally and environmentally responsible and green, using natural resources judiciously 

IFR Asia Awards 2016
India Loan House

The Asset Triple A Country Awards 2016.
Best Bank – Global(fourth consecutive year)
Best Corporate and Institutional Bank – Global (13th year)
Best M&A House (second consecutive year)

DMA Asia 2016
Media Strategy/ Best use of –Multichannel - Silver Award for #WhatsNewThisDiwali
Effectiveness - Insurance & Financial Products and Services - Silver Award for #WhatsOnYourPlate

Dun & Bradstreet – Cedar Management Consulting Banking Awards 2016
Best Foreign Bank – Retail
Best Foreign Bank – Overall<

FE India's Best Bank Awards, 2016
Winner in the ‘Efficiency’ category and ‘Best Foreign Bank’ for FY13/14
Winner in the ‘Profitability’ category for FY14/15

Businessworld BW-PwC I-banking Survey 2016
M&A Dealmaker of the Year
Joint Cross-Border Bond Dealmaker of the Year

Global Finance Best Digital Banks Awards 2016
Best Consumer Digital Bank in India (eighth consecutive year)
Best Corporate/Institutional Digital Bank in India

Euromoney Awards for Excellence 2016
Best Investment Bank (4th consecutive year)

FinanceAsia Platinum Awards - 20th Anniversary
Best Foreign Bank
Best Foreign Investment Bank
(basis last two decades of awards, polls and financial data)

Finance Asia Country Awards for Achievement 2016
Best Foreign Bank (4th consecutive year)
Best Foreign Investment Bank (nine out of 10 years)

Readers Digest's 'Trusted Brand' 2016
Citibank India's credit cards - 'Gold'

The Asset Triple A Asset Servicing, Fund Management and Investors Awards 2016
Best Sub custodian in India

Business Today 2016 Best Companies to Work for
Debut at #20

Businessworld - Best Bank Awards
Best Foreign Bank (2nd consecutive year)

Indian Banks Association - 11th Banking Technology Awards 2016
Awarded Best Technology Bank of the Year
Other recognitions:
Best Use of Technology to enhance customer experience
Best Risk Management, Fraud, and Cyber Security Initiatives
Best use of Digital and Channel Technologies

CIBIL Transunion 2016 Credit Information Conference
Best Data Quality Amongst Foreign Banks (2nd consecutive year)