Financial services major Citigroup is once again in talks to sell its subsidiary, Citi Technology Services (CTS), formerly called Citos. Wipro is believed to be front-runner for the bank’s captive technology and infrastructure outsourcing arm.
The deal size, pegged around $150 million, is likely to be announced by the end of third quarter, said a source. However, both the parties refused to comment. “We do not react to market rumours and speculations,” said a Wipro spokesperson in an email response. Wipro is said to have concluded due diligence process of the firm last week.
