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Citi to sell India consumer business to Axis Bank for $1.6 billion
Citigroup Inc is selling its Indian consumer banking businesses to private lender Axis Bank for $1.6 billion.
Highlights
- The deal will include the transfer of about 3,600 Citi employees to Axis.
- Citi expects the release of about $800 million of allocated tangible common equity after the deal.
New Delhi: Citigroup Inc said on Wednesday it would sell its Indian consumer banking businesses to private lender Axis Bank for $1.6 billion, as the U.S. bank exits retail operations in 13 markets.
The deal will include the transfer of about 3,600 Citi employees to Axis, and Citi expects the release of about $800 million of allocated tangible common equity after the deal.
The sale excludes Citi`s institutional client businesses in India, it said in a filing. Also Read: RAMP Scheme: Cabinet approves Rs 6062.45 crore for new programme to bolster MSMEs
The deal is part of Citi CEO Jane Fraser`s plan to revamp the lender by exiting retail banking operations in 13 countries and focusing on its more lucrative institutional and wealth management businesses. Also Read: PM KISAN eKYC deadline extended till 22 May 2022: Details here
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