Axis Financial acquires Citi’s India consumer business within the an effective Rs twelve,325-cr bargain

Axis Financial acquires Citi’s India consumer business within the an effective Rs twelve,325-cr bargain

Axis Financial acquires Citi’s consumer organization inside India having $1.6 bn

You financial Citigroup into the Wednesday announced profit of its Indian individual financial enterprises, and additionally credit cards, shopping banking, money management and you can individual money, so you can personal lender Axis Bank to possess Rs several,325 crore, included in the intentions to log off shopping surgery inside 13 places.

The deal, which is likely to close in the first 50 % of this new 2023 calendar year, includes this new import of about 3,600 Citi group so you can Axis.

Axis Bank ‘s the 4th-prominent issuer regarding handmade cards having a whole base of 8.six million cards and also the bargain could add regarding the 2.5 billion borrowing from the bank cardholders, making it among most useful about three notes companies about nation, the non-public bank said into the a special declaration.