Citibank is currently in discussions with Indian IT firms Tata Consultancy Services (TCS) and Wipro, among others, to sell some of its internal IT platforms, according to local press reports.
The deal, which could be valued between $60 and $100 million, includes intellectual property (IP) used for delivering equity trading services, says the Economic Times of India, citing "two people familiar with the discussions".
"With this IP, we will not only gain business from Citi, but also be able to offer services to other financial services customers using the same platform," a senior executive at one of the IT firms told the paper.
Earlier this year, Citi sold its Indian IT arm to Wipro for $127 million. The sale of the tech arm followed the offloading of the distressed US bank's BPO unit to TCS in October for $505 million.
The Economic Times also reports that Swiss bank UBS is in talks with Indian IT companies Infosys and Wipro about selling off its business process outsourcing and knowledge process outsourcing units in Poland and Hyderabad. The paper says the sale could raise $200 million for the troubled Swiss giant. Citi in talks with IT cos to sell tech assets - Economic TimesUBS in talks with Infosys, Wipro for sale of BPO, KPO units - Economic Times