Citibank Arm Ups E-Serve Pie

Citibank Overseas Investment Corporation has hiked its stake in ITES player, e-Serve International, formerly Citicorp Securities & Investments, by 5.81 per cent to 40.19 per cent.

The company acquired 7.2 lakh shares in the company on July 24, according to an intimation to the BSE. After this acquisition their shareholding in the company stands at 49.83 lakh shares.

The equity capital of e-Serve International stands at Rs 12.40 crore, up from Rs 10.80 crore prior to the merger between Citicorp Credit Services India with the company.

The merged entity employs 2300 people in nine cities across India. e-Serve has two primary transaction processing sites at Chennai and Mumbai, providing services to Citibank branches in a number of countries. e-Serve