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Axis Bank acquires Citi's India consumer business in a Rs 12,325-cr deal

Acquisition of 3 million unique customers of Citibank India to enhance Axis Bank's presence in the key identified growth segments, the Mumbai-headquartered lender said

Axis Bank
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Axis Bank

BS Web TeamPTI New Delhi
US bank Citigroup on Wednesday announced sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.

The deal, which is expected to close in the first half of the 2023 calendar year, will include the transfer of about 3,600 Citi employees to Axis.

The sale excludes Citi's institutional client businesses in India, it said.

Axis Bank is the fourth-largest issuer of credit cards with a total base of 8.6 million cards and the deal will

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First Published: Mar 30 2022 | 5:36 PM IST

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