Citi to sell offshore outsourcing unit

Here's an interesting move: Citi, under extreme pressure to sell assets, has decided to sell off its India-based Citigroup Technology Services, which provided outsourced services from their Mumbai and Chennai offices, according to IndUS Business Journal. The deal calls for Wipro to buy it for $130 million. Apparently, this was mainly in application development and technology infrastructure. 

As part of the agreement, Citi will also award the company a $500 million contract over the six years to provide it with various services. Apparently, this would be cheaper than continuing to operate the unit. There would appear to be a bull market in the making for outsourced work for financial services. But Citi needs all the cash it can muster. 

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