Private sector lender Axis Bank on Wednesday said it has completed the deal to acquire Citibank India’s consumer banking business for Rs 11,603 crore (approximately $1.4 billion), marginally lower in cost than what was announced in March 2022. This is due to the Citi-related attrition which would have been seen while deciding to shift banking operations and jobs to Axis Bank.
The transaction comprises the sale of the credit cards, retail banking, wealth management and consumer loans. With this acquisition, Axis Bank’s market share in the credit cards business will jump to 16.2 percent from 11.4 percent. This involves the addition of 1.8 million credit cards.