It will gain access to the large and affluent customer franchise of Citibank having a bouquet of fee-oriented and profitable segments, that include quality credit card portfolio, affluent wealth management clientele, meaningful deposits with 81% being CASA, along with a strong consumer lending portfolio. The deal also includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.Īxis Bank looks at this acquisition as a healthy strategic fit. The transaction comprises the sale of the consumer businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. The acquisition is subject to customary closing conditions, including receipt of regulatory approvals.
Axis Bank and Citibank today announced that their respective Boards of Directors have approved the acquisition of Citibank's consumer businesses in India by Axis Bank.
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