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Financial services major Citigroup Inc will sell its business process outsourcing arm in India, Citigroup Global Services Ltd, and its technology and infrastructure outsourcing arm Citos amidst reports that the global bank could write down over USD9 billion in the second quarter of the current year.
Citigroup could be close to finalising the deal with IBM Global Services, which is the lead contender for the assets, reports said. French information technology company Capgemini and Indias Tata Consultancy Services are also in the race, the report added.
The sale of Citigroups backoffice operations in India, valued at around USD1 billion, could fetch the beleaguered bank at least USD800 million, the report added.
The bank is learnt to have embarked on a larger exercise involving the sale and outsourcing of most of its back-office assets under the new management led by CEO Vikram Pandit.
Sources said the captive BPO, Citigroup Global Services, as well as its technology and infrastructure outsourcing arm, Citos, are on the block and the bank could be close to finalising the deal with multinational technology vendor IBM Global Services, which is the lead contender for the assets.
European consulting and IT services major Capgemini and a large Indian IT services firm, reported to be Tata Consultancy Services TCS, are the other two contenders.
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