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AXIS BANK ACQUIRES CITIBANK'S INDIA CONSUMER BUSINESS FOR RS. 12,325 CR
BANKING FINANCE
|May 2022
In a significant acquisition in the Indian banking sector, Axis Bank has acquired Citibank's consumer businesses for Rs 12,325 crore.
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The transaction comprises the sale of the consumer businesses of Citibank India, which includes credit cards, deposits, and loans businesses in retail banking, wealth management, and consumer loans. The deal also includes the sale of Citicorp Finance (India) Ltd, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans as well as the personal loans portfolio.
Axis Bank will acquire 3 million customers of Citibank India to enhance the former's presence in the key identified growth segments. Its cards balance sheet will grow by 57 percent, with an additional 2.5 million Citibank cards, making it one of the top 3 cards businesses in the country.
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