Private sector lender Axis Bank is near buying Citigroup’s retail banking enterprise in India and a deal is prone to be introduced quickly, sources stated on Wednesday.
According to the sources, the deal, to be valued at USD 2.5 billion (about Rs 18,000 crore), will probably be topic to regulatory approvals.
In April 2021, American banking main Citigroup introduced its plan to exit from the patron banking enterprise in India as a part of its world technique.
The enterprise contains bank cards, retail banking, dwelling loans and wealth administration. The financial institution has 35 branches within the nation and employs about 4,000 folks within the shopper banking enterprise.
Once the deal will get the approvals, the sources stated the stability sheet measurement of Axis Bank will increase and the retail section will witness a major bounce.
An e-mail despatched to Axis Bank in search of feedback on the proposed deal didn’t elicit any response instantly.
Earlier this month, Axis Bank stated it was but to take a call on the acquisition of Citigroup’s India retail enterprise.
Citigroup had entered India in 1902 and began the patron banking enterprise in 1985.
Apart from the institutional banking enterprise, Citigroup in India will proceed to concentrate on offshoring or world enterprise help rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.
