The Board of Axis Bank at its meeting held on 30 March 2022 has approved the purchase of the Citibanks India Consumer Business from Citibank N.A. (acting through its branch in India) (CBNA) and the NBFC Consumer Business from Citicorp Finance (India) (CFIL), as going concerns, without values being assigned to individual assets and liabilities to either business, subject to fulfilment of specific conditions and obtaining requisite approvals. Axis Bank has executed, inter alia, business transfer agreements with CBNA (CBNA BTA) and CFIL (CFIL BTA) on 30 March 2022.
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