|
Citicorp Sec to merge with subsidiary
Our Banking Bureau
Mumbai, Oct 5: Citicorp Securities and Investments Ltd (Csil), a non-banking finance company (NBFC) is planning to merge with its subsidiary, Citicorp Credit Services India Ltd (CCSIL). A decision to this effect was taken at a Csil board meeting held on Wednesday. Csil provides IT-enabled transaction processing services in the banking and finance sector. Under the merger proposal, four shares of the face value of Rs 10 each of Csil will be issued for five shares of the face value of Rs 10 each of Ccsil."The merger will create an entity with 1,700 personnel in the rapidly growing information technology enabled services (ITES) sector in India. The combined entity will be able to exploit new business opportunities in the country and overseas as this sector grows", Citicorp said in statement issued on Thursday. Over the last couple of years, Csil and Ccsil have made rapid strides in terms of quality and complexity of process handled in their respective businesses. Csil has established a track record for handling high quality transaction processing for Citibank's branches. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|