StanC, Citi acquire stakes in financial messaging service Swift's India arm
26 Sept 2017 10:19 PM IST
Mumbai: Standard Chartered and Citibank have picked up stake in global financial messaging service Swift's local arm, becoming the first foreign lenders to invest in the platform. Swift India was formed in 2012 as a joint venture between the global cooperative Swift Scril and nine leading domestic banks. This is its second round of capital raising, an official statement said. Details on the stake picked up by the two lenders or the valuations were not shared.
Other lender shareholders in the company include Axis Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India and Union Bank of India.
Both Standard Chartered Bank as well as Citi linked the investment to their respective efforts to promote digitisation.
Next Story
