LONDON â€" Vikram Pandit is getting back into banking.
Mr. Pandit, the former Citigroup chief executive, and his business partner Hari Aiyar have bought a 3 percent stake in the Indian financial services firm JM Financial.
Under the terms of the deal, Mr. Pandit, 56, who acrimoniously stepped down from the top job at Citigroup late last year, will become nonexecutive chairman of JM Financial's newly created banking division after the Indian firm said it had applied for a banking license. JM Financial, based in Mumbai, offers a variety of services including investment banking, institution equity sales, asset management and other services.
A firm operated by the former Citigroup head also will help manage a new $100 million distressed asset fund with JM Financial.
“I continue to believe in the long-term growth prospects of India,†Mr. Pandit, who was born in India and graduated from Columbia University, said in a statement on Thursday.
The former Citigroup head has been keeping a low profile since he abruptly resigned in October after the American bank's board lost confidence in Mr. Pandit's leadership.
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