Citi completes sale of IT services firm to Wipro


Citi completes sale of IT services firm to Wipro

Antony Savvas

Citi has completed the sale of Citi Technology Services (India) to Wipro Technologies for $127m.

The sold business had provided IT services to the Citi group. Many of these services will now be provided by Wipro under a separate deal.

As part of the transaction, Wipro and Citi have signed an agreement for the delivery of technology infrastructure services and application development and maintenance services for a period of six years.

The agreement provides for the delivery of at least $500m in service revenues over the period of the contract.

"The sale is consistent with Citi's efforts to improve operating leverage while the company focuses on its core banking competencies," said Citi.

The deal will also reduce Citi's total headcount by around 1,700 employees, all of whom are located in India.

Indian outsourcer Tata acquires Citi's BPO arm for £300m >>

Wipro predicts IT services shake-up >>

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