Citigroup can be happy selling its consumer-banking business in India for $1.6 bln. It’s a fair price for local buyer Axis too if it can retain the higher-spending affluent clients who liked the appeal of an overseas bank, says ugalani
Citigroup on March 30 announced a deal to sell its consumer-banking business in India to Axis Bank for 123 billion rupees .
Axis will acquire Citi’s business spanning loans, credit cards, wealth management and retail-banking operations. It will include roughly 3 million customers, 21 branches, 499 ATMs across 18 cities, plus 3,600 employees. The deal is expected to close in the first half of 2023. Citi expects the deal to release some $800 million of allocated tangible common equity, out of a total release of $7 billion from exiting consumer banking in 13 markets across Asia and Europe, Middle East and Africa.
On announcing the pullback from consumer banking in certain markets in April 2021, the U.S. bank’s boss Jane Fraser said “we don’t have the scale we need to compete”.FILE PHOTO: Visitors wait at the reception of Axis Bank's corporate headquarters in Mumbai, India July 25, 2017. REUTERS/Danish Siddiqui/File Photo - RC2Z0S9W9STO
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