Axis Bank concludes Citi retail business acquisition at ₹11,603cr

Private sector lender Axis Bank Ltd. closed the acquisition of Citibank India\’s retail business, including the consumer business under Citicorp Finance India Ltd., for ₹11,603 crore on March 1. The value is subject to adjustment and changes in the retail businesses over the last month. 

\”Accordingly, the businesses of CBNA and CFIL stand transferred to Axis Bank, and the bank becomes the owner of Citibank’s India Consumer Business and NBFC Consumer Business effective from 00.00.01 hours on March 1, subject to and in accordance with the requirements and terms of the agreed contractual documentation and settlement of consideration,\” Axis Bank said in a statement to exchanges early on March 1. 

The domestic lender had first announced the acquisition of Citi\’s retail businesses on March 30, 2022, for ₹12,325 crore. At the time, Axis Bank said that the acquisition included 3,600 Citi employees who support the consumer banking business and would be transferred to the local bank. 

Axis Bank did not disclose what the latest position of the acquired portfolio is. As of January 2023, Citi\’s credit card portfolio stood at 24.77 lakh, according to Reserve Bank of India data. 

The acquisition was intended to boost Axis Bank\’s wealth management business, which would receive a boost from Citi\’s pool of high-net-worth customers and its consumer banking staff.