Axis Bank to acquire Citibank’s India consumer business

Axis Bank will be acquiring Citibank’s India consumer business for an amount of USD 1.6 billion in an all-cash deal.

This  will be including Citibank India’s consumer banking businesses, which include retail banking, credit cards, consumer loans, and wealth management.

Citibank India’s consumer business employees, around 3,600, will be transferred to Axis after the completion of this deal.

This deal has been announced after almost a year since Citibank’s announcement regarding its exit from consumer franchises in 13 markets, including India.

Citibank will  now focus on wealth and institutional management businesses.

Citibank’s Indian consumer banking business includes home loans, credit cards, and retail banking