Axis Bank to buy Citi Bank's retail business worth around Rs 250 crore
Axis Bank has emerged as the frontrunner to buy Citi Bank's retail business in India, which is being valued at around Rs 250 crore.
The deal is expected to be announced officially by next month. However, the merger may take 6 months to be complete. Citi bank had 2.5M assets/retail customers and credit card business in India, 1.2M Bank account holders, and 2.5M to 2.6M credit card accounts till October 2021. Given that all banks are focused on their retail portfolios.
This merger can lead to Axis bank becoming the top player in the credit card industry. Given that the customers are premium, this deal will lead to positive results for Axis Bank and increased market share in the credit card business. The deal is expected to be Rs 200 crore in all cash and overall evaluated at Rs 250 crore.
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