Axis Bank, one of India’s leading private sector banks, has completed the acquisition of Citibank’s consumer business in India. The deal was announced in April 2021 and was completed on March 1, 2022.
Citibank’s consumer business in India includes credit cards, personal loans, and mortgages. The acquisition will help Axis Bank to expand its customer base and increase its market share in the highly competitive retail lending segment in India. The acquisition also strengthens the bank’s position as a leading player in the Indian banking industry.
Amitabh Chaudhry, CEO of Axis Bank, said, “The acquisition of Citibank’s consumer business in India is a significant milestone for Axis Bank. It marks the beginning of a new era for our bank, as we continue to grow our business and expand our customer base. We are committed to providing our customers with the highest levels of service and the most innovative products and solutions.”
Citibank’s consumer business in India has more than 1.2 million customers and a loan book of over Rs 5,500 crore. Axis Bank will take over the entire loan book and customer base, along with the employees associated with the business.
The acquisition of Citibank’s consumer business in India is part of Axis Bank’s strategy to expand its retail business and increase its market share in the highly competitive Indian banking industry. The bank has been focusing on digital transformation and innovation to provide its customers with a seamless banking experience. The acquisition will further strengthen the bank’s digital capabilities and enable it to offer a wider range of products and services to its customers.
Axis Bank has been expanding its presence in India through acquisitions and partnerships. In 2020, the bank acquired FreeCharge, a digital payments platform, to strengthen its digital offerings. The bank has also partnered with several fintech companies to offer innovative products and services to its customers.
The acquisition of Citibank’s consumer business in India is expected to be a major boost for Axis Bank’s growth strategy. The bank is well positioned to capitalize on the growing demand for retail lending in India, which is expected to continue to grow at a rapid pace in the coming years.