Axis Bank buys Citigroup’s India consumer biz for Rs 12,325 crore

Axis Bank on Wednesday announced the acquisition of Citigroup’s India consumer banking business, including credit card, retail banking, consumer loan and wealth management, for Rs 12,325 crore.

Axis Bank will acquire about 30 lakh customers of Citibank India and grow its credit card portfolio by 31 per cent.

The deal will give it access to 7 offices, 21 branches and 499 ATMs across 18 cities; and approximately 3,600 in-scope consumer employees of Citibank will be absorbed in Axis Bank, the private sector lender said in a statement.

In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.

Citigroup had entered India in 1902 and started the consumer banking business in 1985.

Apart from the institutional banking business, Citigroup in India will continue to focus on off-shoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.