Axis Bank to buy Citi’s Indian consumer business for $1.6b

Axis Bank expects to gain more or less 3 million customers.

India’s Axis Bank is purchasing Citi’s consumer business assets in the country for approximately $1.62b (INR123.25b).

The deal covers all loans, credit cards, wealth management, and retail banking operations in India.

Axis Bank said that it expects to onboard around 3 million unique customers, and for its cards business to grow its balance sheets by 57% with an additional 2.5 million Citibank cards added–making it one of the top 3 cards businesses in India.

Axis Bank also stands to gain INR1,109b assets under management (AUM) from Citi Wealth & Private Banking products, which would make it India’s 3rd largest wealth management player by combined AUM.

The purchase will also add INR502b to Axis Bank’s deposits.

In terms of physical locations, Axis gains 7 offices, 21 branches, and 499 ATMs across 18 cities.

Follow the link s for more news on

Axis Bank

Axis Bank buys Citi India assets

Citi asset sale

Also Read

ZA Bank’s Rate Watch offers $114 for lower interest proof

South Korean banks' delinquency rate inches up to 0.48% in October

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit