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Axis Financial acquires Citi’s India user team for the a beneficial Rs several,325-cr bargain

Axis Financial acquires Citi’s India user team for the a beneficial Rs several,325-cr bargain

Axis Financial acquires Citi’s India user team for the a beneficial Rs several,325-cr bargain

Axis Financial acquires Citi’s consumer team for the Asia getting $step one.6 bn

United states financial Citigroup with the Wednesday announced marketing of their Indian consumer banking people, as well as playing cards, retail banking, money administration and you may individual funds, so you’re able to personal bank Axis Lender to possess Rs several,325 crore, within the plans to get off retail surgery from inside the 13 locations.

The deal, that’s anticipated to close in the first half of the fresh new 2023 twelve months, should include new import of around 3,600 Citi team so you can Axis.

Axis Bank ‘s the next-largest issuer out-of handmade cards that have a total base off 8.6 mil cards and deal could add in the 2.5 mil credit cardholders, therefore it is one of several ideal about three notes organizations regarding the nation, the non-public financial told you in the a special report.

Axis, which includes a retail publication off nearly Rs 4 trillion, often to get in the step three billion novel users out of Citibank India, seven offices, 21 branches and 499 ATMs round the 18 places.

“Rewarding addition of Rs step one.eleven trillion AUM out of Citi Wealth & Personal Financial facts to increase and you may bolster Axis’ Burgundy brand name, it is therefore the 3rd prominent by the shared AUM from the wealth administration space,” told you Axis Lender inside the an announcement.…

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