Axis Bank is good to go to acquire Citi India’s retail assets for $2 billion, as per sources. The retail business of Citi India incorporates credit cards, wealth management and retail client accounts. This arrangement, where Axis Bank is set to obtain Citi’s consumer business in India, will have milestone-linked payments. The private sector moneylender will officially declare this decision on Wednesday, March 30, according to the sources.
Citi Bank might keep on overhauling its clients during the integration time frame, so the change continues consistently and no account holder is impacted simultaneously. The arrangement will incorporate Citi’s worthwhile client base of 2.6 million credit card holders. In April last year, the American financial major had reported its plan to exit from the consumer banking business in over 13 nations to focus on four wealthy regions including Singapore, Hong Kong, the United Arab Emirates and London. Citigroup’s India business was chopped out as a feature of this declaration. “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong Kong, UAE and London,” the groups new worldwide CEO Jane Fraser had said.