Citigroup Positioning Itself To Buyout India's HDFC? (HDB)

| About: HDFC Bank (HDB)

According to an article in domain-B, Citigroup (NYSE:C) is positioning itself to buyout HDFC and HDFC Bank (NYSE:HDB) after 2009. According to the author, Rex Mathew, based on the current roadmap of RBI, acquisitions by foreign banks would be allowed after 2009.

The recent move by Citigroup to acquire a 9.27% stake in HDFC to raise its total stake to 12.86% is part of the strategy. If the Reserve Bank of India permits it, Citigroup may be looking at a grand acquisition and merger of both HDFC and HDFC Bank with its Indian operations after 2009.

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Tagged: , Foreign Regional Banks, India
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