Citi India’s Business Acquired by Axis Bank

BANKING AND ECONOMY

  • All the Indian consumer banking businesses of the Citi group sold to private lender Axis Bank for Rs 12,325 crore.
  • The deal is expected to close in the first half of 2023 and this excludes Citi's institutional client businesses in India.
  • The businesses include credit cards, retail banking, wealth management, consumer loans, transfer of employees to Axis bank.
  • The sale is part of the Citi group’s plans to exit retail operations in 13 markets to conserve capital and focus on higher-yielding revenue streams.
  • With this acquisition, Axis Bank will become the third-largest issuer of credit cards by issuing 11.1 million cards in the country.

  Facts to know:

  • The consumer banking business of Citi India was started in 1985.
  • CEO of Citi groups: Ms. Jane Fraser - first woman CEO of the group.
  • MD & CEO of Axis Bank: Mr. Amitabh Chaudhry.
Axis Bank

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