=> Mozilla/4.0 (compatible MSIE 6.0 Windows NT 5.1 SV1) => text/html,application/xhtml+xml,application/xml q=0.9,image/webp,image/apng,*/* q=0.8 The sale excludes Citi's institutional client businesses in India. The bank paid Rs 11,603 crore for the acquisition announced last year in March. Axis Bank in March 2023 announced that it completed the acquisition of Citibank's consumer business and non-banking financial company (NBFC) consumer business.Īlso read: Axis acquires Citi's India consumer business in Rs 11,603-crore deal In line with this, Citigroup announced the sale of Citibank India’s consumer banking business to Axis Bank in March 2022. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business. The business comprises credit cards, retail banking, home loans and wealth management. In April 2021, Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.
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Here’s what it means for customers, employeesĬitibank India held a 4.1 percent market share in electronic fund transfers and 8 percent share of merchandise and software services trade flows, the lender said in a release. The lender’s net interest margin (NIM) for FY23 was 5.15 percent compared to 4.65 percent last year.Īsset quality of the bank improved with the gross non-performing asset (GNPA) ratio at 0.41 percent versus 1.07 percent and net NPA (NNPA) ratio was nil compared to 0.39 percent last year.Īlso read: MC Explains| Axis Bank completes acquisition of Citibank's consumer business. The PAT for the year excluded the one-time gain on sale of consumer banking business to Axis Bank amounting Rs 8914 crore, the bank said in a press release. Citibank India on September 12 reported a profit after tax (PAT) for the financial year (FY) 2022-23 of Rs 4700 crore, up by 26 percent from Rs 3,727 crore last year.
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