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The Silicon Review Asia

Citi to Sell its Consumer Businesses in India to Axis Bank Limited

Citi to Sell its Consumer Businesses in India to Axis Bank Limited

This includes the sale of Citi's non-banking financial company, Citicorp Finance (India) Limited

In a major development, Citi has announced that it will be selling its consumer businesses in India to Axis Bank Limited. Citi's consumer businesses in India include credit cards, retail banking, wealth management and consumer loans. The sale came to fruition after a comprehensive auctioning process.

As part of the sale, Citi will also be selling the consumer business of its non-banking financial company, Citicorp Finance (India) Limited, which comprises the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.

"Our announced transaction with Axis, a leader in Indian financial services, represents an important milestone for our franchise and offers an excellent opportunity to our consumer banking colleagues in India. As we move forward with this transaction, India remains a key institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth," said Peter Babej, Citi Asia Pacific CEO.

This sale will concern approximately 3,600 Citi employees supporting the consumer businesses in India, who will transfer to Axis upon completion of the proposed transaction. Axis will be paying Citi approximately $1.6 billion for the acquisition of the consumer business.

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