Chandigarh, (Aditi) : Axis Bank, one of India’s largest private sector banks, has completed the acquisition of Citibank’s consumer business in an accelerated time frame of within 7 months post receipt of CCI approval, displaying a strong testament of its execution
strength. The deal has been closed with Axis Bank paying a total purchase consideration (after customary & contractual adjustments) of INR 11,603 Cr* to Citibank India.
The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management and retail banking operations. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
The acquisition is a healthy strategic fit in line with Axis Bank’s GPS (Growth, Profitability & Sustainability) strategy and its focus on premium segment growth. The Bank has gained access to the large, affluent and profitable customer franchise of Citibank, which aligns well with its Premiumization strategy.