Axis Bank to buy Citibank's India consumer business for ₹12,100 crore

Axis Bank will acquire Citibank's India consumer business, which includes credit cards, wealth management, retail banking and consumer loans, for $1.6 billion (over ₹12,100 crore) in an all-cash deal. The transaction also includes the sale of consumer business of Citi's NBFC, Citicorp Finance (India) Limited, Citigroup said. About 3,600 of Citi's employees will transfer to Axis Bank.