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Vikram Pandit

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Pandit to Buy 1.5% Stake in JM Financial

After months of speculation about his whereabouts, former Citigroup Inc. Chief Executive Vikram Pandit has resurfaced with an India connection.Mr. Pandit will buy a 1.5% stake in Indian financial services firm JM Financial Ltd, and a firm led by him will invest $100 million in JM Financial's nonbank lending firm, according to a press release JM Financial issued Thursday.Mr. Pandit, who steered Citigroup during the financial crises between 2007 and 2012, stepped down abruptly in October. His departure followed a clash with the U.S. bank's board over strategy and performance, senior bank executives and advisers had told The Wall Street Journal.Mr. Pandit has generally kept a low profile since then.On Thursday, Mumbai-based JM Financial said it had got approval from its board to apply for a banking license and that it would nominate Mr. Pandit as the proposed bank's nonexecutive chairman. In February, India's central bank allowed nonstate-run companies and nonbank finance firms to apply f...

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  1. Ex-Citi CEO Pandit in tie-up with India's JM Financial

    Former Citigroup Chief Executive Vikram Pandit is buying a stake in Indian financial services company JM Financial Ltd , JM Financial said in a statement on Thursday...

  2. Ex-Citi CEO Pandit, partner take stake in India's JM Financial

    India's JM Financial Ltd says former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 percent equity stake in the financial ser...

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