Axis Bank to acquire Citi’s consumer banking business at $2.5 bn: Report

Axis Bank, which has emerged as the frontrunner in the race to acquire New York headquartered Citigroup’s retail banking business in India, is closing in on a deal worth around $2.5 billion, according to a report. The cash component in the deal could be less than $2 billion on account of the consumer business’ liabilities, Bloomberg reported quoting sources.

Depending on the approvals by the Reserve Bank of India, Axis Bank may announce a deal in the next few weeks.

Axis Bank had beaten rivals like Kotak Mahindra Bank to emerge as the buyer for Citigroup’s India consumer banking business after easing concerns such as job security for current employees. It will take India's third-largest private bank around six months to merge Citigroup’s consumer business with its own in the country, the Bloomberg report said, quoting a source.