U.S. financial giant Citigroup, which has been shedding non-core assets, plans to sell its Indian back office operation to Tata Consultancy Services, people familiar with the matter said, in a deal that one source said would be worth $505 million.
U.S. financial giant Citigroup, which has been shedding non-core assets, plans to sell its Indian back office operation to Tata Consultancy Services, people familiar with the matter said, in a deal that one source said would be worth $505 million.
TCS has clinched another agreement with Citi, whereby it will provide $2.5 billion worth of services through Citigroup Global Services to Citigroup and its affiliates over the next nine and a half years, TCS said.
While commenting on the agreement, S. Ramadorai, CEO and MD, TCS said, “This is a landmark acquisition for TCS, helping us not only acquire new capabilities in the banking domain but also underscoring the importance of our long-term, sustainable relationships with our large customers, including Citi.”