Citi Sells Citigroup Technology Services Ltd., India

Citi completes the sale of Citi Technology Services Ltd. (India), the India based captive provider of information technology services and solutions to Citi entities worldwide, to Wipro Technologies, the global IT services business of Wipro Limited (WIT), for all cash

By None

Citi completes the sale of Citi Technology Services Ltd. (India), the India-based captive provider of information technology services and solutions to Citi entities worldwide, to Wipro Technologies, the global IT services business of Wipro Limited (WIT), for all cash consideration of $127 million.

As part of the transaction, Wipro and Citi have signed a Master Services Agreement for the delivery of Technology Infrastructure Services (TIS) and Application Development and Maintenance (ADM) services for a period of six years. The agreement provides for the delivery of at least $500 million in service revenues over the period of the contract.

The transaction is consistent with Citi’s efforts to improve operating leverage while the Company focuses on its core banking competencies. Further, it will reduce Citi’s total headcount by approximately 1,700 employees, all of whom are located in India.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex and Nikko.

Additional information may be found at www.citigroup.com or www.citi.com.

D.C.

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