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Market Chatter: Citi, Axis Bank Partner to Finance NRI Investments in Foreign-Currency Deposits

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Citigroup has partnered with Axis Bank (NSE:AXISBANK, BOM:532215) to provide financing to non-resident Indians seeking to invest in the Indian lender's foreign-currency deposits, Bloomberg News reported Monday, citing people familiar with the matter.

Under the arrangement, Axis Bank will issue standby letters of credit backing loans extended by Citi through its offshore units, according to the report.

Citigroup and Axis Bank did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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