Axis Bank set to acquire Citi bank consumer business in India: Private sector bank Axis Bank is going to take over the consumer business of Citi bank.
An announcement regarding this deal can be made today i.e. on Wednesday. According to sources, Axis Bank has taken over the retail business of Citi India.
The official announcement of this deal will be made today. According to sources, the deal is worth around $2 billion. After this news, there is a strong rally in the shares of Axis Bank. Shares of Axis Bank are trading 3.61% higher at Rs 764.45.
Citigroup had announced
last year In April last year, Citigroup had said that it would exit the consumer business in 13 countries, including India. Apart from India, the bank had decided to exit retail business in Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citibank focuses on four fund centers in Singapore, Hong Kong, the United Arab Emirates and London.
How big is the business of Citibank in India As of
March 31, 2021, Citi had loans of ₹ 68,747 crore and deposits of ₹ 1.66 trillion in India. According to data from the Reserve Bank of India (RBI), its total number of credit cards stood at 2.55 million in February.
Citibank has 25 lakh customers
across the country, let us tell you that there are about 35 branches of Citibank across the country. These include branches in cities like Lucknow, Ahmedabad, Aurangabad, Bengaluru, Chandigarh, Faridabad, Gurugram, Jaipur, Kochi, Kolkata, Mumbai, Nagpur, Nashik, New Delhi, Pune, Hyderabad and Surat. About 4 thousand people work in consumer business banking. The bank has about 25 lakh customers across the country.
