Desk Business
Earlier in the day, reports arrived that Citigroup Inc is all set to sell its retail banking franchise in Taiwan to DBS Group Holdings Ltd. for around $2 billion. Apart from this, the New York-based bank is also in advanced talks with Taiwan’s Fubon Financial Holding Co. for a sale of its mainland China consumer business, reported on Wednesday. The business website added that both Citi and Taiwan’s Fubon are aiming sign an agreement in the coming weeks and the assets could be valued at about $1.5 billion.
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Vedanta shares worth almost 3.8 crore are up for grabs in the auction. These are ADS ADS shares that were tendered as part of the delisting process and are now being sold by Citi Custodian Pool. The Vedanta ADS Block sale, worth Rs 1200 crore, was announced on January 18 by Citi, an American multinational investment bank and financial services firm. According to CNBC Awaaz, the agreement also includes a markdown of up to 4% on Wednesday’s closure.
Though the discussions are in advanced stage, no final decision has been made so far, as Citigroup is also mulling to consider other bidders if if deliberations with Taiwan’s second-biggest financial holding company don’t lead to an agreement.
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