Axis Bank has acquired Citigroup’s consumer banking business in India by investing Rs 12,325 crore and expects the transaction to close in 9 to 12 months. This information was provided by the Chief Executive Officer of Axis Bank, Amitabh Chaudhary.
Chaudhary said during the press conference, “We welcome Citi’s employees as Axis family members. We expect the transaction to complete in the next 9-12 months, subject to regulatory approvals. This transaction will provide the best affluent transaction to its customers. We will also become the 3rd largest wealth platform in India.”
Citi Asia Pacific CEO, Peter Babej said, “As we move forward with this transaction, India remains a key institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC.”
Citi’s consumer business in India includes home loans, credit cards, retail banking, and wealth management.
