Citigroup Successfully Executes Sale of 9.85% Interest in HDFC Ltd.

Citigroup Inc. today announced it has sold 145.3 million shares in Housing Development Finance Corporation Ltd. (HDFC) through the National Stock Exchange, representing the entirety of its 9.85% interest, for INR 657.56 per share. Total proceeds from the transaction are expected to be $1.9 billion at the current exchange rate, resulting in a pre-tax gain to Citigroup of $1.1 billion (INR 54.9 billion), and an after-tax gain of approximately $722 million (INR 35.5 billion).

Headquartered in Mumbai, HDFC (www.hdfc.com) is a leader in housing finance, with an asset base of $ 27.6 billion as of December 31, 2011. As a leading financial conglomerate, HDFC has interests in banking, insurance, asset management and property funds. The sale of Citi’s remaining stake in HDFC is part of Citi’s ongoing capital planning efforts.

"We are pleased with the results of our investment in HDFC and will continue to value our long-standing relationship with the company. Citi remains deeply committed to India and we continue to focus on growth opportunities for our franchise in this very important market,” said Pramit Jhaveri, Chief Executive Officer of Citi India. “Our combination of unique experience, deep relationships and valuable local insights provide us with strong competitive advantages.”

Today, Citi is one of the largest foreign banks in India employing nearly 8,000 people and is integrally connected to the trade and capital flows in the region touching 16% of nationwide foreign exchange flows and 8% of trade flows. Citi plays a leading role in helping multi-nationals expand in India and also helping Indian companies grow overseas. Over the past three years, Citi has helped raise nearly $60 billion from the capital markets for its clients in India and advised on nearly $25 billion of India-related M&A. In the consumer business, Citi has 42 full-service Citibank branches in 30 cities and a market share of over 20% in credit card spend. As of December 31, 2011, Citi had approximately $29 billion in assets in India.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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