Axis Bank acquires Citi India’s Retail Assets

As per the statement released by Citi, Axis Bank has acquired Citi India’s retail assets in an all-cash deal worth $1.6 billion. Axis Bank has also acquired its Credit card business. The company further said that after the necessary regulatory approvals, it expects the deal to be closed by the month of June this year. Chief Executive Officer of Citi India, Ashu Khullar in his statement said: “This is a positive outcome for our staff and our priority has been on securing their future. Citi will also continue to harness India’s rich talent pool in the areas of Technology, Operations, Analytics, Finance, and allied functional areas through its network of Citi Solution Centers that are located in five cities in India and support our global businesses.” According to this deal, the Bank will also absorb around 3600 employees of Citi India. While giving his opinion on the recently inked deal between Citi India and Axis Bank, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities said: “CitiBank has a rich clientele across the credit card and wealth management segments, so it is understandable that the acquisition is at a premium. Axis Bank will have to manage the synergy gains well enough for this acquisition to prove useful.”