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Citi to sell India consumer business to Axis Bank for $1.6 bln

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Citigroup has agreed to sell its consumer banking business in India to Axis Bank for $1.6 billion, the latest step in Chief Executive Officer Jane Fraser's push to simplify the bank.

for $1.6 billion, the latest step in Chief Executive Officer Jane Fraser's push to simplify the bank.

It is part of Citi CEO Jane Fraser's plan to revamp the bank by exiting retail banking operations in 13 countries and focusing on its more lucrative institutional and wealth management businesses.The sale excludes Citi's institutional client businesses in India.

 

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