Citigroup has cut its stake in Indian non-bank financial firm HDFC by 1.5%. The holdings owned by the U.S. bank decreased from 11.4% to 9.9% beneficial interest.
The reduction is a part of Citi’s plan to implement Basel III capital rules. The sale has led to a pre-tax profit of around $160 million. The bank does not intend to further sell any more HDFC shares.
Click here for the release from Citigroup.