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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Citigroup completes sale of back-office unit to TCS AFP - Thursday, January 1 NEW YORK (AFP) - - Citigroup announced on Wednesday that it has completed the sale of India-based back-office unit Citigroup Global Services Ltd. to Tata Consultancy Services (TCS) for 512 million dollars. Citigroup said that in addition to the all-cash sale, TCS, a leading Indian information technology company, will provide infrastructure support, help desk and other outsourcing services to Citigroup for 9.5 years. "The transaction is expected to help reduce operating expenses related to business processing and will allow Citi to focus on its core financial services competencies," Citigroup said in a statement. Citigroup Global Services employs 12,000 people, all of whom are based in India. Citigroup has been hit hard by the global financial crisis and the US government stepped to guarantee more than 300 billion dollars in potential losses and pump another 20 billion dollars into the company. The embattled US banking giant announced on December 23 it had sold its Indian information technology subsidiary, Mumbai- and Chennai-based Citi Technology Services Ltd, to India's Wipro Technologies for 127 million dollars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business TOPWRAP 4-More economic pain seen in 2009, but some hope tooReuters - 1 hour 28 minutes ago Emerging Markets-LatAm stocks end worst year in decadesReuters - 1 hour 34 minutes ago FOREX-Dollar records yearly gain; yen a standout in 2008Reuters - 1 hour 35 minutes ago Q&A: Russia-Ukraine gas clash: same story, new factorsReuters - 1 hour 35 minutes ago Gazprom: Russia to cut gas supplies to UkraineAP - 1 hour 43 minutes ago Enlarge Photo Citigroup completes sale of back-office unit to TCS Most Popular – Business Viewed Japanese tourist spends 3 months in Mexico City airport Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year Defiant governor fills Obama's senate seat despite graft scandal US throws $6bln lifeline to GMAC View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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