Axis Bank set to acquire Citi's consumer business in India, announcement today

Private sector lender Axis Bank is likely to announce on Wednesday a deal to acquire Citibank's consumer business in India, said a person aware of the development.

As on 31 March 2021, Citi had loans worth Rs. 68,747 crore in India and deposits of Rs. 1.66 trillion. Its total number of credit cards stood at 2.55 million in February, as per data from the Reserve Bank of India (RBI).

In April last year, Citigroup had said it will exit consumer businesses in 13 countries, including India, as it focuses on four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London. Citigroup had said the decision, taken as part of an ongoing strategic review, will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.

Apart from India, the bank had decided to exit the retail segment in Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.