Axis Bank, the country’s third-largest private bank, has purchased Citibank’s consumer banking business for $1.6 billion or Rs 12,325 crore in an all-cash deal. Axis expects to secure regulatory approvals for the deal in nine months, following which it will integrate Citi’s retail customers with its platform over the next 12-18 months.
Under the deal, Citibank will transfer its credit card, retail banking, wealth management and consumer loans business to Axis Bank. Axis Bank said the deal would give it access to around 3 million unique customers of Citibank, which will enhance its presence in “key identified growth segments.”
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