Axis Bank is reportedly the frontrunner to buy Citi’s consumer banking business in India, valued at around $1.5 billion.
Axis Bank is currently in the lead to acquire Citi’s consumer banking business in India, according to a «Reuters» report citing unnamed sources.
No deal has been finalized with other bidders still in the running such as Kotak Mahindra Bank, though it ranks as the second most preferred buyer with a lower bid submitted.
«We continue to move forward with our process with respect to our India consumer business sale in accordance with our broader strategic refresh,» according to a statement from Citi India.
Axis Bank
Established in 1993, Mumbai-headquartered Axis Bank is the third largest private sector bank in India.
It has a large retail footprint with over 7.9 million credit cards – compared to Citi’s 2.57 million as of November.
