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Citi, JPMorgan Exit $1.4 Bn SBI Funds IPO over Low Fees

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.

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