A deal to sell Citi's consumer business in India to local private lender Axis Bank has been completed.
Citi has completed the sale of its India consumer business, including credit cards, retail banking, wealth management and consumer loans, to Axis Bank, according to a statement.
Citi will also transfer approximately 3,200 employees to Axis and the transaction is expected to result in a regulatory benefit of $1.4 billion for the US lender.
This marks another closed sale as part of Citi’s 14-market exit announced during a strategic refresh in 2021. The US lender recently also completed a deal to sell its Vietnam consumer banking unit to UOB.
India Insti Focus
Although Citi is exiting India’s consumer market, it remains focused on the country’s institutional market.
«India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth,» said APAC CEO Peter Babej.
