Citigroup is all set to acquire direct custody, securities clearing and fund services business of ABN AMRO in select European and Asian markets, including India, for an undisclosed sum.

This transaction strengthens Citigroup's market leadership in the custody and securities clearing business in India and expands transaction banking offering to the domestic mutual fund industry, Citigroup India chief executive Sanjay Nayar said.  "We intend to build up on this acquisition to satisfy our client needs and further grow our market share in the global transaction services business," he said.

ABN AMRO's operational and servicing staff and management would also become members of the Citigroup organization. The acquisition process was expected to close within the next 90 days subject to regulatory approvals, company officials said adding ABN AMRO business would join the GTS unit in Citigroup's global corporate and investment banking group.

The transaction includes ABN AMRO's domestic custody business in India, Russia, Greece, Indonesia, Poland, South Korea, Poland and Taiwan.