Axis Bank completes acquisition of Citigroup’s Indian businesses

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Axis Bank completes acquisition of Citigroup’s Indian businesses

By Jonathan Easton

01/03/23

Axis Bank, the third largest private sector bank in India, has completed a deal to buy US lender Citigroup’s local consumer and non-banking business.

The deal is valued at INR116.03 billion ($1.41 billion), and will see the US bank exit its credit card and retail business in India. It was initially announced in March 2022 at INR123.25 billion. The deal represents Axis Bank’s largest ever acquisition.

Confirming the completed deal, Citigroup said: “Citi India consumer banking customers are now served by Axis Bank.”

Citigroup chief executive Jane Fraser previously announced plans to exit the Indian market in 2021, with the bank also leaving EMEA and 12 other Asian markets as part of a broader plan to turnaround the business.

For Axis Bank meanwhile, its deposit and loan book will be increased by seven and four per cent respectively. Its credit card customer base will be increased by 31 per cent.

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