Citi, JPMorgan Exit $1.4 Bn SBI Funds IPO over Low Fees
Global investment banks Citigroup and JPMorgan Chase & Co have decided not to advise on the planned $1.4 billion IPO of SBI Funds Management, which is a joint venture between State Bank of India (SBI) and France’s Amundi. The primary reason of the banks' exit is due to low advisory fees, Bloomberg reported.