Company Briefs: Citigroup

Axis Bank is nearing a deal to buy Citigroup's India retail banking business in a transaction that could be valued at about US$2.5 billion (S$3.4 billion), people familiar with the matter said.

An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India, the people said, asking not to be identified as the information is private.

The deal would include a cash component of less than US$2 billion, accounting for the consumer business' liabilities, the people said.

BLOOMBERG

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ST Engineering

ST Engineering's commercial aerospace business has agreed to lease up to five Airbus A320 passenger-to-freighter (P2F) aircraft to the United Arab Emirates-based Vaayu Group, the company said yesterday.

The A320 P2F aircraft are converted by ST Engineering as part of its joint venture with Airbus - Elbe Flugzeugwerke - to convert passenger aircraft to freighter aircraft. The first aircraft is expected to be placed on lease in the second quarter of this year, with the remaining four freighter aircraft converted and leased progressively.

THE BUSINESS TIMES

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HSBC

HSBC Holdings plans to as much as double bonuses for some of its junior investment bankers and traders in a bid to catch up with rivals on compensation. The lender, which paid less than most rivals a year ago after cutting the bonus pool at its global banking and markets division by 15 per cent, wants to avoid losing junior staff to Wall Street firms which have been consistently raising pay, according to people familiar with the matter.

More senior employees are said to be in line for 2021 bonus hikes of at least 10 per cent, the people said, declining to be identified.

BLOOMBERG