This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vikram Pandit Buys Stake in Indian Firm

NEW YORK ( TheStreet) -- Former Citigroup (C - Get Report) CEO Vikram Pandit is returning to his roots in more ways than one.

Pandit, who has been keeping a low profile since his unceremonious exit from Citi late last year, is buying a 3% stake in Indian financial services company JM Financial along with his partner Hari Aiyar.

The firm intends to apply for a banking license and said it will appoint Pandit as non-executive chairman of the proposed bank.

A firm led by Pandit will also invest $100 million in the expansion of JM Financial's lending and financing activities, which may include the setting up of a $100 million distressed asset fund.

Pandit was born in India but moved to the U.S. when he was 16. He became CEO of Citigroup in 2007 after he sold his hedge fund Old Lane to Citi for $800 million.

Pandit's tenure as CEO at the bank was a rock one and he frequently was at the receiving end of criticism as the bank battled for life in the wake of the mortgage crisis.

Although the bank made headway in its strategy to shed non-core assets and expand in profitable emerging markets, Pandit abruptly resigned in October last year. Reports suggested that he clashed with the board on future strategy at the bank.

Michael Corbat took his place and has since then embarked on a massive restructuring strategy that has been greeted enthusiastically by shareholders.

-- Written by Shanthi Bharatwaj in New York.

>Contact by Email.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
C $54.21 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs