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

📆 01/03/2023 12:05:00
📰 Reuters

⏱ Reading Time:
20 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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:

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

India's market regulator bars 21 entities in Axis mutual fund front-running caseIndia's market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual Fund, while issuing show cause orders to a former mutual fund executive and related entities.
Source: Reuters - 🏆 2. / 97 Read more »

U.S. stocks face earnings pressure as ‘burgeoning cracks’ threaten profit margins, warns CitiU.S. stocks face pressure from the emerging risk of deterioration in companies’ profit margins, according to research from Citigroup.
Source: MarketWatch - 🏆 3. / 97 Read more »