Axis will pay to Citi cash consideration of approximately US$1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments. The transaction will also include approximately 3,600 Citi employees supporting the consumer businesses in India, who will transfer to Axis upon completion of the proposed transaction. It excludes Citi’s institutional client businesses in India Citi remains committed and focused on serving institutional clients in India and globally. The transaction also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. Axis was selected by Citi following an extensive and competitive auction process.
Mumbai � Citi today announced that it has reached an agreement with Axis Bank Limited (Axis) for the sale of Citi’s consumer businesses in India.
