Citibank | Business Upturn

Inventurus Knowledge Solutions to acquire Trubridge for USD 565 million

Business Desk — Thu, 23 Apr 2026 13:28:26 +0000

Inventurus Knowledge Solutions Limited has announced that its wholly owned subsidiary, Inventurus Knowledge Solutions, Inc. (IKS Inc.), will acquire 100% of the shareholding in Trubridge Inc. for a total consideration of up to USD 565 million. The acquisition will be executed through a merger of IKS Next Horizon, Inc., a Delaware corporation and wholly-owned subsidiary of IKS Inc., with Trubridge, pursuant to a plan of merger in accordance with Delaware law.

The acquisition, which is subject to customary adjustments for net debts and selling expenses, will result in Trubridge becoming a wholly owned subsidiary of IKS Inc., and an indirect subsidiary of Inventurus Knowledge Solutions Limited. The transaction is expected to be completed within 180 days from April 23, 2026.

Trubridge Inc., a leading healthcare IT and revenue cycle management services provider in the United States, reported a turnover of USD 347 million. The acquisition aims to diversify Inventurus Knowledge Solutions’ business into the SaaS EHR segment and enhance its integrated suite of EMR and Care enablement platform solutions.

The acquisition will be funded through a financing arrangement of up to USD 670 million, proposed to be availed by IKS Inc. from lenders including Citibank N.A., Deutsche Bank AG Singapore Branch, and JPMorgan Chase Bank, N.A., Hong Kong Branch. The financing will also support other purposes as outlined in the facilities agreement.

The security package for the financing will include pledges over the entire shareholding held by the company in IKS Inc., and security interests over substantially all assets of IKS Inc., Aquity Holdings, Inc., Aquity Solutions, LLC, and the Target post-acquisition. Corporate guarantees will also be provided by the company for up to 1.05x of the aggregate amount of the commitments under the facilities.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Supreme Court allows banks to charge over 30% on credit card dues

Matrika Shukla — Fri, 27 Dec 2024 10:18:12 +0000

The Supreme Court has ruled that banks can charge interest rates exceeding 30% on credit card dues, setting aside a 16-year-old National Consumer Disputes Redressal Commission (NCDRC) verdict that deemed such high interest rates an unfair trade practice. The NCDRC had previously held that charging interest rates above 30% per annum was excessive and amounted to the exploitation of consumers. However, the Supreme Court, in its judgment delivered on December 20, 2024, declared the NCDRC’s observations as “illegal” and inconsistent with the Banking Regulation Act, of 1949.

Justices Bela M Trivedi and Satish Chandra Sharma stated that the NCDRC’s ruling interfered with the powers delegated to the Reserve Bank of India (RBI). The court emphasized that there was no misrepresentation by the banks to deceive credit card holders and that the concept of “deceptive practice” was absent in this case. The court further clarified that the NCDRC did not have jurisdiction to rewrite contractual terms agreed upon by the banks and the customers.

The court agreed with the RBI’s submission that there was no need for the central bank to act against any specific bank regarding the interest rates, as the rates were in line with RBI’s guidelines. It also highlighted that credit card holders were adequately informed of the terms and conditions, including the interest rates when availing of the credit card facility. The ruling emphasized that the banks’ interest rates, determined by financial policies and communicated to consumers, could not be deemed unconscionable or unilateral.

The decision came after appeals were filed by Citibank, American Express, HSBC, and Standard Chartered Bank against the NCDRC’s 2008 ruling, which had held that the interest rates charged by these banks, ranging from 36% to 49% per annum, were exploitative. The Supreme Court’s ruling aligns with the principle that consumers are expected to be aware of the terms of credit card agreements and cannot later dispute the interest rates once they have agreed to the conditions laid out by the banks.

Citibank Ventures into tokenized securities on Blockchain, pioneers institutional adoption

Tushar Aggarwal — Thu, 15 Feb 2024 11:17:03 +0000

Citibank, a global financial institution renowned for its innovative approach to banking, is spearheading a groundbreaking initiative alongside Wellington Management and WisdomTree to explore the potential of tokenized securities on the blockchain. This collaborative effort marks a significant step towards accelerating the adoption of distributed ledger technology (DLT) in the financial industry, paving the way for transformative changes in how assets are managed and traded.

The experimental phase of this initiative involves the tokenization of a private equity fund on Avalanche, a blockchain platform known for its scalability and efficiency. By leveraging blockchain technology, the partners aim to streamline the distribution of tokens and explore new possibilities for collateral usage, thereby enhancing operational efficiency and regulatory compliance in the management of private assets.

Citi’s involvement in this initiative represents a strategic move to harness the benefits of blockchain technology in optimizing various aspects of financial operations. The trial conducted by Citi encompassed token transfers, secondary trading, and collateralized lending, demonstrating the potential of smart contracts to automate and streamline complex transactions while ensuring compliance with regulatory requirements.

Nisha Surendran, the lead of Citi Digital Assets, emphasized the importance of introducing new operational efficiencies through the tokenization of private assets. By digitizing these assets on the blockchain, Citi aims to unlock new possibilities for liquidity, transparency, and security, ultimately creating a more efficient and accessible financial ecosystem for investors and issuers alike.

Furthermore, Citibank’s recent foray into Bitcoin Depository Receipts and BondbloX Bond Exchange underscores its commitment to embracing blockchain innovation and exploring new avenues for integrating digital assets into traditional financial markets. These initiatives reflect Citibank’s forward-thinking approach to adapting to the evolving landscape of finance, positioning itself at the forefront of blockchain adoption in the banking sector.

Industry leaders, including Franklin Templeton CEO Jenny Johnson, have praised Citibank’s move towards tokenized securities on the blockchain, signaling a broader shift towards optimism regarding blockchain and cryptocurrencies in the financial industry. As more institutions recognize the potential of blockchain technology to revolutionize financial services, initiatives like Citibank’s are paving the way for a more inclusive, efficient, and secure financial ecosystem powered by blockchain innovation.

RBI fines Bank of Baroda and Citibank for non-compliance

Dimple Gehlot — Fri, 24 Nov 2023 16:50:46 +0000

The Reserve Bank of India (RBI) has fined Bank of Baroda and Citibank for regulatory violations. Bank of Baroda has been fined with ₹4.34 crore based on non-compliance on certain directives, while Citibank has been fined with ₹5.00 crore for breach of certain provisions in the Banking Regulation Act and non-compliance with RBI guidelines.

The Statutory Inspection for Supervisory Evaluation of Bank of Baroda and Citibank was conducted by RBI, assessing their financial position as of March 31, 2021, revealed several instances of violations and non-compliance.

The examination for Bank of Baroda revealed, the bank’s failure in ensuring the accuracy and integrity of data on large exposures submitted to RBI concerning some accounts. Additionally, it sanctioned a term loan to a Corporation, substituting budgetary resources for certain projects without due diligence on their viability and bankability, leading to repayment issues. The bank also sanctioned a working capital demand loan against amounts receivable from the government by way of subsidies. Furthermore, it did not pay interest rates on deposits accepted from senior citizens, as per the disclosed schedule of interest rates.

The Citibank examination revealed several irregularities by the bank, including paying commissions to certain employees, not crediting the eligible amount to the Depositor Education and Awareness Fund in a timely manner, and outsourcing the monitoring and decision-making of Anti-Money Laundering (AML) alerts to a Group company.

RBI issued a notice to the banks, asking them to explain as to why a penalty should not be imposed for failing to comply with the specified directions. After reviewing the bank’s response and oral submissions during the personal hearing, RBI concluded that the charges of non-compliance with the mentioned directions and contravention of BR Act provisions for the banks was substantiated, justifying the imposition of a monetary penalty.

Citibank likely to announce today sale of its India consumer business to Axis Bank: Report

Sathvika Chelakani — Wed, 30 Mar 2022 06:02:07 +0000

Citibank may announce the sale of its India consumer business to Axis Bank on March 30, according to CNBC-TV18. According to the report, the deal size is expected to be around $2 billion, with milestone payments. It includes Citi’s 2.6 million credit card holders as customers.

Furthermore, as part of the agreement, Citibank will continue to service customers during the integration period to ensure a smooth transition and no inconvenience to customers. While Citi declined to comment, Axis Bank announced that a press conference on strategic business development will be held after market hours today.

Citibank announced last year that it would exit its consumer franchises in 13 markets, including India, to refocus on its more profitable institutional and wealth management businesses. Its Indian clientele banking business comprises credit cards, home loans and retail banking.

Axis Bank emerged as the lead buyer, outbidding competitors such as Kotak, another private lender that was reported “more aggressive” and submitted a bid lower than Axis. Before making the final decision, other factors such as job security for current Citigroup employees, competition concerns, and others were considered.

The Wall Street behemoth operates 35 branches in India and employs nearly 4,000 people. It has approximately 2.5 million account holders and 1.2 million loan accounts. Citi has been in India for decades and was one of the first banks to introduce credit cards to Indians in 1987.

At 10:40 a.m., Axis Bank shares were trading 3.5 percent higher on the BSE, at Rs 763.80 per share, while the benchmark Sensex was at 58,554.97, up 611.32 points or 1.06 percent.

Citibank’s online services to be down for 45 minutes on November 8

News Desk — Sat, 06 Nov 2021 08:55:08 +0000

Customers of Citibank have been notified of a planned outage on Monday (November 8). According to an email notice from the bank to its customers, the outage will last 45 minutes. Citibank said in an email that its operations will be impacted “due to scheduled maintenance on our systems.” According to the email, the disruption would occur between 3 and 3.45 a.m.

Services including as online and mobile banking, self-service requests, and IVR support will be affected by the outage. Customers can contact the Citiphone hotline 24 x7 if they have a problem with a Citi credit card transaction. In India, the bank has over 20 lakh credit card members, a significant share of the market that it obtained as an early entrant.

Citibank built its first office in India in 1902, according to its website, and is a big foreign investor. According to the website, it was the first bank to offer 24-hour phone banking in 1993. Citibank also introduced Citi tap and pay, a next-generation contactless credit card payment system based on Near Field Communications (NFC) technology, in 2009, which it claims was the first of its kind in India.

Citi announced on April 16 that it will close its consumer and retail businesses in 13 Asian and European nations. Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, South Korea, Taiwan, Thailand, and Vietnam are among the countries involved. Citigroup’s Institutional Clients Group, on the other hand, will continue to serve clients in the markets where consumer operations are being phased out.

China Evergrande wired funds to meet deadline payment for preventing default: Report

Ayisha Farah — Fri, 22 Oct 2021 13:37:57 +0000

On Thursday, China Evergrande Group wired funds to a trustee account for a dollar bond interest payment owed Sept. 23, a source told Reuters on Friday, days before a deadline that would have jumped the embattled developer into formal default.

On Friday, the source confirmed a story in the state-backed Securities Times that the company had sent $83.5 million in coupon payments to a trustee account at Citibank on Thursday, enabling it to pay out to all bonds holders before the grace period expires on Oct. 23.

“They seem to be avoiding short-term default, and it’s a bit of a relief that they have managed to find liquidity,” said a Hong Kong-based restructuring lawyer serving some bondholders.

“But still, Evergrande does need to restructure its debt. This payment might be a way for them to get some buy-in with stakeholders before the heavy work needed on the restructuring.”

Evergrande did not instantly reply to Reuters request for comment. Citi refused to comment.

On Thursday, news of the wired payment arrived a day after financial information provider REDD stated that the company had acquired more time to pay a defaulted bond issued by Jumbo Fortune Enterprises and endorsed by Evergrande.

Recently, many Chinese officials have attempted to comfort investors, saying that creditors’ interests would be preserved. Market participants nevertheless displayed shock at the news of the payment.

“This is a positive surprise,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd, combining many had presumed a default.

The news would increase bondholders’ confidence, he said, as “there are many coupon payments due ahead. If Evergrande pays this time, I don’t see why it won’t pay the next time.”

Evergrande missed two coupon payments on its dollar bonds on Sept. 23 and Sept. 29, starting the clock on 30-day grace periods for price. Non-payment of interest for 30 days would occur in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds.

Evergrande’s dollar bonds rose on Friday morning, with its April 2022 and 2023 notes leaping more than 10%, according to data provider Duration Finance.

Evergrande’s shares climbed about 4%, a day after the resumption of trade following a more than two-week suspension pending the declaration of a discarded stake sale in its property management unit.

Google discontinues its plan for Google-Pay based banking service

Cheryll Jain — Sat, 02 Oct 2021 09:43:21 +0000

Alphabet Inc. has pulled the plug on its Plex service which was announced with Citibank and several other financial institutions in November last year and would have supposedly offered banking services directly to users, according to reports by Wall Street Journal.

According to the reports, the project was called off due to a “series of missed deadlines.” The WSJ had also claimed that the Google Pay executive overseeing this project had also left the company earlier this year. All these reasons have been cited as the possible reason for Google “abandoning plans to pitch bank accounts to its users.”

The WSJ reported that Bill Ready, who runs Google’s eCommerce operations, “was concerned that Plex could make other banks think that Google was out to compete with them since it played a lead role in building the product.”

The Plex service, operating as a plug-in on the tech giant’s Google pay app, was initially pitched as an easy mobile-first financial service that would partner with banks and financial institutions and allow users to open checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements. Other functions such as applying for physical debit cards were also part of the service.

Citigroup, Stanford Federal Credit Union and Mastercard were some of the companies on course to partner with Google for Plex, while the names of 11 other companies remained unannounced. The wait-list of the people who had already signed up for the service prior to launch had reportedly crossed 400,000.

In an e-mail on Friday with CNBC, a Google spokesperson elaborated on the matter, stating “Our work with our partners has made it extremely clear that there’s consumer demand for simple, seamless and secure digital payments for online and in-store transactions.”

Discussing Google’s plans for the future in the financial sector, the spokesperson said, “We’re updating our approach to focus primarily on delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”

Meanwhile, a Citibank spokesperson has told Wall Street Journal that it plans to recommend other accounts to over 400,000 people who had already signed up for the Plex waiting list.

Citi Bank to shut retail banking in 13 countries including India- Here’s what you need to know!

Govindraj Muttepawar — Fri, 16 Apr 2021 08:25:34 +0000

Citi Bank group has announced that it will shut consumer banking operations in 13 countries including India. The US banking group said the move is aimed at shifting focus to wealth management and exiting retail banking in places where it is small.

While it has not yet announced a timeframe for the exit, the third-largest bank in the US will exit the consumer banking market in India, China, Australia, Malaysia, Bahrain, Korea, Indonesia, Russia, Vietnam, Philippines, Thailand, Poland and Taiwan.

Citigroup will continue to focus on its global consumer banking business in Singapore, Hong Kong, London and the United Arab Emirates. The announcement was made by Citigroup’s Chief Executive Officer Jane Fraser.

Fraser, who moved into the CEO role in March, said the decision is part of an effort to “double down” on wealth management, where the growth opportunities are better. The decision was announced after Citigroup announced its first-quarter profits of $7.9 billion, which is more than three times the level in the year-ago period. However, the banking group’s revenues fell seven per cent to $19.3 billion.

CEO Jane Fraser: “Let me be clear on one very important point: Citi will continue to invest behind and serve our institutional clients in these thirteen markets.” https://t.co/VXkVhyw20o

— Citi (@Citi) April 15, 2021

It is unlikely that Citigroup’s decision to exit banking operations in India will have an immediate impact on its employees working in the country. Citi Bank is India’s largest foreign bank, and started their Indian operations in 1902 from Calcutta. As per their LinkedIn page, they employ more than 20,000 employees in India.

Now, if they are shutting down their Indian operations, then it becomes clear that the job prospects of these employees are weak. The other option can be that entire retail banking will be sold off to another bank or financial institution. Although there hasn’t been any confirmation regarding the date of the shutdown, but we are speculating that there will be high number of layoffs.

As shared earlier, Citi Bank will continue their investment management services in India, but will shut down entire retail banking operations.

$900 million clerical error by Citibank officials the worst on Wall Street in decades

Aditi Swarup — Mon, 17 Aug 2020 09:35:20 +0000

At the epicentre of this earthquake on Wall Street is the ugly battle between Revlon and a group of lenders. The lenders claim that their loans to Revlon was based on some intellectual property that Revlon shifted and they demanded that Revlon pay them back immediately. the loans were actually due in 2023.

The lenders, which included Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, filed a lawsuit against Revlon and Citi (which was the loan administrative agent).
Around the same time, in a colossal mistake, Citibank transferred $900 million into the lenders’ accounts. Now the lenders refuse to transfer the money bank to Citi and the court hearings are still left.

THIS IS BINOD@Citibank wired @revlon US$900 million by mistake! Now Revlon won’t give it back https://t.co/FE0KTMgaPl

— TheHardCopy (@TheHardCopyCo) August 17, 2020