New Delhi: The world's largest bank, Citigroup, is in talks to sell $12 billion worth loans at a loss as part of an effort to shrink the bank's balance sheet.
The step would shield the bank from further declines in the value of the debt. These loans are a part of $43 billion in financing that Citigroup agreed to provide for leveraged buyouts last year before credit markets froze.
Meanwhile, Citigroup has hired Nalin Nayyar from Lehman Brothers as a managing director for the bank's Indian investment banking team, according to an internal memo issued on Wednesday.
Nayyar will be based in Mumbai and will report to Pramit Jhaveri, Citi's head of global banking for India.
Nayyar had worked for Lehman as an investment banker in Mumbai since 2000.
Global financial institutions have been building up their presence in India in the last few years, as India's surging economy and growing corporations have spurred a wave of mergers and acquisitions, as well as debt and equity offerings.
Citi has a big presence in India, as it advised and provided debt financing for Tata Motors' $2.3 billion deal last month to buy Jaguar and Land Rover from Ford Motor Co.
The bank also led the more than $500 million private placement for energy company Cairn India.
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