India’s third-largest private bank Axis Bank will acquire Citibank’s India retail banking unit, including credit cards business, for $1.6 billion in cash, months after Citi said it will shutter its consumer business in 13 countries, the Nasdaq-listed company said on Wednesday. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, it added. Citi said there will be no immediate impact on the services to the customers of Citi’s consumer businesses in India. The transaction is expected to close in the first half of calendar year 2023.
Last year in April, Citi said it would shut down its consumer banking operations in 13 countries including India to refocus on wealth management. In India, the Nasdaq-listed Citigroup’s consumer banking business comprises retail banking, credit cards, and home loans.