iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Axis Bank-Citi agreement gets approved by the Competition Commission

27 Jul 2022 , 08:32 AM

In one of the biggest transactions in the Indian financial services industry, the Competition Commission has authorized Axis Bank’s proposed acquisition of Citi’s consumer division.

According to the March 30 announcement of the Rs12,325 crore agreement, Axis Bank would take over Citi’s wealth management, personal loans, and credit card operations that cater to the wealthy market segment.

The regulator declared in a tweet on Tuesday that it had approved “Axis Bank’s acquisition of Citibank, N.A.’s and Citicorp Finance (India) Limited’s undertakings comprising of their consumer banking activities.”

The Competition Commission of India (CCI), which monitors unfair commercial practices across industries, must approve deals that exceed a particular level.

A definitive agreement for the transaction between Axis Bank and Citi was inked in March. It is anticipated to close by September 2024 and will give Axis Bank access to 30 lakh additional clients.

Axis Bank Ltd., Citibank, N.A. (acting through its India office), and Citicorp Finance (India) Ltd. are the parties to the transaction.

According to the transaction summary posted on the CCI website, “The transaction involves the proposed slump sale by Citi of an undertaking comprising its consumer banking activities to the acquirer on a going concern basis.”

Related Tags

  • Axis
  • CCI
  • Citi
  • Citibank
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.