Axis Bank to make significant gains from Citi deal only from FY2025

The rating agency S&P said the acquisition of Citi consumer business will strengthen Axis bank's retail market position and diversify its revenue profile

Standard and Poor’s (S&P) on Friday said Axis Bank’s acquisition of Citigroup Inc's consumer banking portfolio in India will bring in significant profitability improvements only from FY2025 onwards.

It will take time to complete the acquisition and integrate the assets. The acquisition is likely to be completed over the next 9 to 12 months, while full integration will take another 18 months, S&P said in a statement.

Axis Bank on Wednesday announced its proposed acquisition of Citibank’s consumer banking businesses in India for Rs 12,325 crore.

The rating agency said the acquisition will strengthen Axis bank's retail market