Private sector giant Axis Bank is about to buy the Indian retail banking business of Citigroup.
Private sector giant Axis Bank is about to buy the Indian retail banking business of Citigroup. According to information received by news agency PTI, quoting sources, this deal between Axis Bank and Citigroup can be announced soon. According to sources, this deal can be about $ 250 million (Rs 18 thousand crore). It will also need regulatory approval. After getting the regulatory approval for the deal, the size of the balance sheet of Axis Bank will increase and there may be a boom in the retail segment. Axis Bank did not immediately respond to the query regarding this deal. Due to the deal, its shares jumped more than three percent in intra-day today.
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Last year Citigroup announced the closure of the Indian business
Major American bank Citigroup had announced its plan to exit the consumer banking business in April 2021 last year as part of its global strategy. This business includes Credit Cards, Retail Banking, Home Loans and Wealth Management. Citigroup has 35 branches across the country and has about 4,000 employees for its consumer banking business.
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Citigroup has been in India since 1902
Earlier this month in March 2020, Axis Bank had said that it is going to take a decision on buying the Indian retail business of Citigroup. Citigroup entered India in 1902 and started its consumer banking business in 1985. After staking out the consumer banking business to Axis Group, Citigroup will focus on global business support through its centers in Mumbai, Pune, Bangalore, Chennai and Gurugram in India, in addition to its institutional banking business.
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Axis Bank shares jump
After the information of the deal came out, today there is a sharp jump in the shares of Axis Bank. It had reached a high of Rs 766.80 in intra-day on BSE, while it closed a trading day earlier on Tuesday at Rs 737.55. The 52-week record price of Axis Bank is Rs 866.60. Talking about this year, so far in 2022, it has jumped more than 9 percent i.e. about Rs 64 per share.
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