Although it recently offloaded its stake in commodity exchange MCX, the country’s largest foreign lender, Citi, has no intention of selling its stake in Housing Development Finance Corporation (HDFC), according to its South Asia Chief Executive, Mark Robinson.

On the sidelines of the Business Standard Banking Roundtable on Wednesday, Robinson confirmed that the group had offloaded its stake in MCX, but declined to share details. He added that the Citi would hold on to its stake in HDFC. “That decision has been take in New York and Vikram Pandit (the global CEO) is very clear that we want to keep the stake. Our holding in HDFC is part of Citicorp, whereas the MCX stake was part of Citi Holdings,” he added.

Also Read   Related Stories News Now - L&T Finance to tap NCDs to raise Rs 500cr - Citi looking to expand retail branch network in India: Pandit - Titan to set up watch assembly facility - Citi to plan sale of $10 bn private equity unit - Axis Bank homes in on new headquarters - Citigroup posts $7.6 bn loss in fourth quarter

Also Read   Related Stories News Now - Markets end flat - New Delhi seeks stronger Myanmar ties as PM visits - India to guarantee safe gas transit from Tapi - Pak players likely to be part of IPL 2013 - Top govt, pvt websites under hacker threat: Cyber agency More

Hence, it has divided its businesses into two groups—Citicorp and Citi Holdings. Citicorp houses all the units it plans to retain, while Citi Holdings consists of those it plans to wind down.

Citigroup held 3.9 million shares in MCX, which it had acquired in September 2007. It currently holds a 11.68 per cent stake in HDFC, the country’s largest mortgage financier, through its two subsidiaries, Citigroup Holdings Mauritius and Citigroup Strategic Holdings Mauritius. The stake is valued at Rs 12,570 crore, based on the scrip’s Thursday closing price of Rs 2,427.25. Citi had upped its stake in HDFC substantially, by buying a 9.3 per cent stake from Standard Life.

Citi Holdings also includes the lender’s consumer finance arm, CitiFinancial, which ran up big losses during the economic downturn. “CitiFinancial probably makes up 80-90 per cent of Citi Holdings. Since most of the businesses under CitiFinancial are integrated, we are looking to sell it whole rather than piecemeal,” Robinson said.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end flat - New Delhi seeks stronger Myanmar ties as PM visits - India to guarantee safe gas transit from Tapi - Pak players likely to be part of IPL 2013 - Top govt, pvt websites under hacker threat: Cyber agency

Tags : Citi | HDFC stake | MCX | Mark Robinson | BS Banking Roundtable | Vikram Pandit |   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More