Axis Bank emerges top bidder for Citi business

New Delhi, December 21

Advertisement

Private sector lender Axis Bank has emerged as the highest bidder to buy Citi’s consumer banking business, according to sources.

American banking major Citibank in April announced its plan to exit from the consumer banking business in India as part of a global strategy.

The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.

The final valuation will be linked to the number of variables, including the quantum of deposits, customers, assets and liabilities once all regulatory clearances come through, the sources added. — PTI