Axis Bank Set to Buy Citigroup’s $2.5 Billion India Retail Unit
- Agreement could be announced as soon as next few weeks
- Citigroup shedding 13 retail arms across Asia and Europe
Axis Bank branch in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion, people familiar with the matter said.
An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India, the people said, asking not to be identified as the information is private. The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities, the people said.