Axis Bank to pay Citibank Rs12,325 crore for purchasing its consumer business in India

30 Aug 2022 , 09:12 AM

In order to finalize the acquisition by the end of this fiscal year, Axis Bank will pay Citibank  Rs12,325 crore for purchasing of the US bank’s consumer business in India during.

The agreement was made public in March of this year. Even though Citi lost market share for credit cards in India, according to Axis Bank, attrition of workers and clients in the company it was buying remained controllable.

According to Axis Bank deputy managing director Rajiv Anand, “we are currently working towards what is called legal date one, which is when the balance sheet, people, and clients migrate to us and we will pay the consideration to Citibank.” “We anticipate completion somewhere in the final quarter of FY23, which is January through March of 2023.”

Axis Bank said in March of this year that it had reached an agreement to buy Citi’s India retail unit for around Rs27,400 crore. Additionally, the institution is purchasing Citi’s deposits worth 50,200 crore. Both Citibank India and Citicorp Finance’s credit card, wealth, and retail banking businesses are covered by the agreement.

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