Ex-Citi CEO Vikram Pandit said in tie-up to acquire stakes in financial- services companies

Vikram Pandit, the former Citigroup chief executive officer.
Vikram Pandit, the former Citigroup chief executive officer.PHOTO: THE BUSINESS TIMES

LOS ANGELES (BLOOMBERG) - Vikram Pandit, the former Citigroup chief executive officer, has formed a venture with US$4 billion investment firm Atairos to acquire stakes in mature financial- services companies, according to a person with knowledge of the matter.

The new firm, Orogen Group, will seek controlling or significant interests, said the person, who asked not to be identified because the deal hasn't been announced. Atairos, which invested US$250 million in Groupon in April, was started earlier this year with backing from Comcast Corp.

Mr Pandit, 59, served as Citigroup CEO from 2007 to 2012. Since leaving the bank, he has invested in non-bank financial startups such as student-loan venture CommonBond Inc. and home equity finance firm Point Digital Finance Inc.

Mr Pandit's spokeswoman, Shannon Bell, declined to comment on the new company. Atairos CEO Michael Angelakis, a former Comcast chief financial officer, also declined to comment. The partnership was reported earlier Tuesday by the Wall Street Journal.