HT Bureau
GUWAHATI, March 2: Axis Bank has completed the acquisition of Citibank’s consumer business in an accelerated time frame of within 7 months post receipt of CCI approval, displaying a strong testament to its execution strength. The deal has been closed with Axis Bank paying a total purchase consideration of INR 11,603 crores to Citibank India. The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management, and retail banking operations. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
Speaking on the occasion, Amitabh Chaudhry, MD & CEO, of Axis Bank said, “We welcome over 2.4 million customers and 3200 employees to our Axis family, as we successfully conclude the first leg of integration. This is a significant milestone in Axis’ journey of growth and leadership in the Banking industry and is set to bring great value to all stakeholders involved. We have a strong balance sheet, comfortable capital levels, and the right team and customer segments to further realize our ambitions.”
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He further added, “Citibank has a culture that is much like ours, with a commitment to best-in-class customer service, people focus, and community engagement. Axis Bank already has a rich network of Citi alumni across the hierarchy, which reflects the cultural alignment between the two organizations. Given the expertise that the new employees will bring to the table, we view them as a significant force to help drive our GPS objectives. The premium portfolio and business synergies through this deal will help accelerate and add further momentum to our already robust plans across priority segments.”
