Seven months after stepping down as head of Citigroup, Vikram Pandit has bought a 50 percent stake in a subsidiary of JM Financial, reports Forbes.
The new partnership will open up many new opportunities for the ousted Citgroup Chief Executive.
Along with his partner Hari Aiyer, Pandit plans to open a new bank in India.
He will be given the right to buy a stake in the proposed new bank and has been named its non-executive chairman.
News of Pandit joining JM Financial sent its stock up 23 percent.