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Citi, Lehman sell India Units

Filed in archive Outsourcing News by Gary Zeiss, Esq. on October 09, 2008

Citi has sold its Indian captive to Tata and Lehman has sold its Indian captive to Nomura in two of the largest (and what may be two of the only major) sales of US-owned captives. See this article in InformationWeek.

In the Citi deal, the center will continue to provide services to Citi under a 9.5 year, 2.5 billion dollar contract. Nomura's intentions are less clear, although one can expect that they will seek to leverage the high end back-office expertise that Lehman was famous for.

Because of the financial crisis and the marked reduction in demand among financial services firms, InformationWeek was bearish about future transactions of this type. Large centers dependent upon the American market may, however, face tough times as the US begins to look inward for jobs and financial stability.


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Permalink: Citi, Lehman sell India Units
Tags: tata  lehman  citi  nomura  outsourcing  offshoring  captive  captives  2008  citi+lehman 

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Related Entries:

Lehman: Is this a Bear Stearns replay? - 04 June 2008

Bankruptcy at Lehman Brothers - 15 September 2008

Lehman, Merrill and Offshoring - 15 September 2008

The Lehman legacy - 07 October 2008

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