Citigroup has announced that Axis Bank will be acquiring Citibank’s India consumer business for an amount of USD 1.6 billion (Rs 12,325 crores) in an all-cash deal. This transaction will be including Citibank India’s consumer banking businesses, which include retail banking, credit cards, consumer loans, and wealth management.
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- This transaction will also be including the sale of Citibank’s non-banking financial company consumer business, Citicorp Finance (India) Limited, which comprises a financing business that is asset-backed and also includes construction equipment and commercial vehicle loans, and a portfolio of personal loans.
- It is an exchange of assets or a single asset for cash and no other monetary means, such as exchange of stocks or financing are used. The most common way of settling all-cash deal are wire transfers or check and the physical form of cash is generally avoided.
Important takeaways for all competitive exams:
- Axis Bank Founded: 3 December 1993;
- Axis Bank Headquarters: Mumbai;
- Axis Bank MD & CEO: Amitabh Chaudhary;
- Axis Bank Chairperson: Shri Rakesh Makhija;
- Axis Bank Tagline: Badhti Ka Naam Zindagi.