Axis Bank completes deal to buy Citi's India consumer business

📆 3/1/2023 11:05 AM
📰 Reuters

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Indian private lender Axis Bank Ltd said on Wednesday it completed a deal to buy Citigroup Inc's local consumer and non-banking finance businesses, marking the U.S. lender's exit from its credit card and retail businesses in the country.

In 2021, Citi Chief Executive Jane Fraser announced plans to exit its consumer businesses in 13 Asian and EMEA markets as part of a turnaround strategy.

The deal is expected to increase Axis Bank's deposit base and loan book by 7% and 4%, respectively, and expand its credit card customer base by 31%.They have risen about 15% since the deal was announced last year, compared with a 13% rise in the Nifty Private Bank indexAxis Bank will hold a press conference on the deal after the market closes on Wednesday. Our Standards:

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