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Axis Bank set to acquire Citi Banks retail business
March 30, 2022
Citibank’s retail business in India is set to be acquired by Axis Bank and closure of the deal is expected to be finalized by the net week, revealed CNBC-TV18.
“Citibank is set to announce the closure of deal for its consumer business in India one week from now,” sources told CNBC-TV18.
It additionally announced that the size of the deal is somewhere in the range of $2 and $2.5 billion. As part of the deal, Citibank will keep on serving the clients during the integration period so the transition is consistent and nobody is inconvenienced.
“Total size of the deal expected between $2 to $2.5 billion including cash component and incentives. Citi may continue to service customers during the integration period with Axis as a part of the deal,” sources added.
Axis Bank will likewise acquire Citibank’s Visa division in India, as indicated by the report. Citi has a lucrative customer base of 2.6 million credit cardholders.
The global bank has 35 branches in India and close to 4,000 employees. Its customer base is around 2.5 million account holders with 1.2 million loan accounts.
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