Axis Bank To Acquire CitiBank’s India Consumer Business: Dolat Capital

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Axis Bank Ltd. today announced the signing of an agreement for acquisition of CitiBank’s (India) consumer business including credit cards, retail banking, wealth management, consumer loans, and Citicorp’s (Citi’s non-banking financial company) commercial vehicle / construction equipment and personal loan portfolios.

The transaction, expected to be closed in the next nine-12 months, will also include transfer of ~ 3,600 Citi employees supporting the consumer businesses to Axis Bank.

The deal adds ~ 3 million customers to the bank, largely complimentary to its existing base. The acquisition gives strategic thrust to Axis Bank in closing gap with peers and aids long-term return ratios (starting FY25) as synergies accrue.

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