<p>The Mumbai-based HDFC is a major player in the Indian housing finance segment with mortgages worth around $37 billion as of March, 2011.<br /><br />Citigroup has no plans to further dilute its holdings in HDFC, a company statement said.<br />Reducing its holdings in HDFC to below 10 percent is part of Citi's mitigation efforts ahead of the adoption of Basel III capital rules, the statement read.<br /><br />"We have been an investor in HDFC since 2005 and continue to have a very strong and productive relationship with its senior management team," said John Gerspach, chief financial officer of Citigroup.<br /><br />"This transaction was motivated by our capital planning as we prepare for the implementation of Basel III, rather than strategic considerations," he added.<br /></p>
<p>The Mumbai-based HDFC is a major player in the Indian housing finance segment with mortgages worth around $37 billion as of March, 2011.<br /><br />Citigroup has no plans to further dilute its holdings in HDFC, a company statement said.<br />Reducing its holdings in HDFC to below 10 percent is part of Citi's mitigation efforts ahead of the adoption of Basel III capital rules, the statement read.<br /><br />"We have been an investor in HDFC since 2005 and continue to have a very strong and productive relationship with its senior management team," said John Gerspach, chief financial officer of Citigroup.<br /><br />"This transaction was motivated by our capital planning as we prepare for the implementation of Basel III, rather than strategic considerations," he added.<br /></p>