Following Citicorp Finance India Ltd's (a subsidiary of Citibank) acquisition of 74 per cent stake in nation wide finance Ltd (NWFL), credit rating agency ICRA has assigned the highest safety rating of 'maaa' to its Rs 25 crore medium term non-convertible debenture programme. Following the acquisition, NWFL would be an integral part of the Citigroup's foray into the retail financing business, particularly for consumer durables and two wheelers.

“NWFL would take operational support from Citigroup to expand its franchise opportunities by cross selling various retail products such as credit cards and personal loans in non-metro locations,” ICRA said in a statement in New Delhi. Citibank has nominated six members on the board of the company in addition to deputing its personnel to key positions within the organisation. The rating takes into account NWFL's access to the tested global credit evaluation and collection systems of the Citigroup, and active funding support from Citibank. Bureau Report