Axis Bank did not immediately respond to a request for comment. Citi’s Banking, Capital Markets and Advisory Group are acting as the financial advisor to Citi in the deal, which is expected to close in the first half of calendar year 2023. 3,600 Citi employees part of the consumer businesses will be transferred to Axis upon completion of the proposed deal. The transaction does not include its institutional client businesses in India. Citi said there will be no immediate impact on the services to the customers of Citi’s consumer businesses in India.Ĭiti said the deal includes its NBFC’s consumer business, comprising commercial vehicle and construction equipment loans, as well as the personal loans portfolio. The deal also includes the sale of the consumer business of Citi’s non-banking financial company Citicorp Finance (India) Limited, it added. Citigroup Names New Consumer Banking Head - WSJ News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content. India’s third-largest private bank Axis Bank will acquire Citibank’s India retail banking unit, including credit cards business, for $1.6 billion in cash, months after Citi said it will shutter its consumer business in 13 countries, the Nasdaq-listed company said on Wednesday.
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