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The Silicon Review Asia

For a whopping $2.5 billion, Axis Bank is all set to buy the India retail unit of Citigroup

For a whopping $2.5 billion, Axis Bank is all set to buy the India retail unit of Citigroup

An agreement of the latest deal can be expected in the next few weeks and is all set to receive approval from the RBI

Axis Bank Ltd, a popular name in the Indian banking circuit, has recently shown interest in purchasing Citigroup Inc’s retail banking business. According to people who are familiar with the same, the expected transaction is predicted to be for a whopping $2.5 billion. An agreement of the latest deal can be expected in the next few weeks and is all set to receive approval from the RBI. The information comes from an anonymous source as the news is private.

The cash components of the latest deal are less than $2 billion. In this case, the popular lender has turned out to be a buyer after edging out rivals with various factors like competition concerns and job security for Citigroup employees. Axis banks need almost six months to deal with mergers and smooth transition. Jane Fraser, a formidable leader and Chief Executive Officer of Citigroup, has disclosed that the planned India retail sale is just a common part of their major restricting plan, and also this will further simplify the US lender to function with ease in more than 13 countries across Europe and Asia. The company is expected to focus more on business growth and wealth management.

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