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Home > News > Business

TCS Completes Citi's GSL
By CXOtoday Staff
Mumbai, Dec 31, 2008 1705 hrs IST

Tata Consultancy Services (TCS) has completed the acquisition of Citigroup's global services limited (CGSL) for $512 million. The acquisition will broaden TCS's portfolio in the IT and BPO services in the BFSI sector - according to an official statement.

In addition to the sale, Citi also entered into agreement with TCS to provide $2.5billion worth outsourcing services to Citi and its affiliates.

N.Chandrasekaran, COO and executive director of TCS said, "This acquisition will give us the ability to offer an end-to-end, domain-led solution for business operation, enabling us to create platforms with both domain expertise alongwith our suite of products for the financial service sector clients."

Related Links:

TCS Bags Citigroup BPO

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Report as offensive
	Acquisition is not a bad idea at this time, as the Citigroup is losing its foot in many arenas. It is a nice move by TCS. - Amalan Xavier A Cambridge Solut Singapore	Jan 02, 2009 07:25 AM Reply

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	Do you know that this was a company acquired by Citi few years back? This is a non-profit earning company that was a burden on Citi rather than an asset. Citi wanted to get rid of 25% of there workforce that account to 52000 headcount. By getting rid of this business Citi has got rid of 12000 employee at one shot. Citi is a very big company, such small storm really does not imact citi. Remember I work for Legal department in Citi - Anonymous PSL Tampa	Jan 03, 2009 05:05 AM Reply

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