The acquisition of Citibank, N.A. and Citicorp Finance (India) Limited’s consumer banking operations by Axis Bank has been approved, according to the Competition Commission of India (CCI). The acquisition had been disclosed by the firms. According to CCI, the transaction entails the going-concern slump sale of Citibank and Citicorp’s consumer banking operations to Axis.
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- Citigroup Inc. and Axis Bank Limited have signed a deal for the sale of Citi’s consumer businesses in India.
- Citi chose Axis after a lengthy and intense auction process.
- The deal entails the sale of Citibank India’s consumer banking operations, including its credit card, retail banking, wealth management, and consumer lending businesses.
- In addition, Citigroup’s non-banking financial subsidiary, Citicorp Finance (India) Limited, is selling its consumer business, which comprises its portfolio of personal loans as well as its asset-backed financing business, which includes loans for commercial vehicles and construction equipment.
About Axis Bank:
- Axis is a publicly listed private sector bank that offers treasury services, commercial and wholesale banking services, retail banking services, and those to individuals, small and medium-sized businesses, corporations, and agricultural industries.
The first Axis Bank was opened on April 2, 1994, in Ahmedabad by Manmohan Singh, who was India’s finance minister at the time. UTI Bank and Global Trust Bank agreed to join in 2001, but because the Reserve Bank of India (RBI) postponed clearance, the merger never happened.