Axis Bank set to buy Citigroup's India retail unit for $2.5 bn: Report

The Indian lender emerged as the buyer after beating out rivals, with factors such as job security for current Citigroup employees and competition.

Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion, people familiar with the matter said.

An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India, the people said, asking not to be identified as the information is private. The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities, the people said.

The Indian lender emerged as the buyer