Citi deal may be complete in May: Axis Bank MD & CEO Amitabh Chaudhry

Axis Bank is trying to ensure the completion of its purchase of Citibank’s retail business by March 1 next year, but there is a possibility that the process could spill over to May, the domestic private lender’s MD, CEO Amitabh Chaudhry said.

“We’re still trying (for) March 1 very, very hard. There are some IT issues we need to sort out, we are keeping the RBI updated; all the work is going on. Citibank people are being talked to in terms of what jobs they will do in Axis, so that work has also started,” Chaudhry told reporters on the sidelines of an event in Mumbai.

“(The) only thing that’ll come in the way is not the legal side of it, but more getting the IT things in place because the day we take over, some things have to happen in a particular way. There are a lot of small, small technology changes that will be made and a lot of these things will get delivered in January-February. If there is a delay, we might take a call to push it to May. Right now, we are aiming for March,” he said.

According to Chaudhry, following the date of completion of the deal, it would take another 18 months for Axis Bank to close all the technology requirements.

In March 2022, Axis Bank said it would purchase Citi’s retail business in a transaction worth Rs 12,235 crore.

In June, Sanjeev Moghe, president and head, cards & payments at Axis Bank, said the lender was confident of delivering value on the price.