Citigroup to Sell India Consumer Businesses to Axis Bank
March 30 2022 - 6:49AM
Dow Jones News
By Colin Kellaher
Citigroup Inc. on Wednesday said it agreed to sell its consumer
businesses in India to Axis Bank Ltd. as it continues to reshape
its operations in the Asia-Pacific region.
The New York financial-services giant said it will receive about
$1.6 billion in cash from the sale, which includes the consumer
banking businesses of Citibank India and the consumer business of
Citi's nonbanking financial company, Citicorp Finance (India)
Ltd.
Citigroup said roughly 3,600 employees will transfer to
Mumbai-based Axis as part of the deal, expected to close in the
first half of next year.
The transaction marks the latest in a series of divestitures as
Citigroup shrinks its international retail footprint to focus more
on serving businesses and affluent clients. Citigroup said the Axis
deal doesn't include its institutional-client businesses in India,
adding that it remains committed and focused on serving
institutional clients in India and around the world.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 30, 2022 06:34 ET (10:34 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Axis Bank (PK) (USOTC:AXBKY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Axis Bank (PK) (USOTC:AXBKY)
Historical Stock Chart
From Nov 2023 to Nov 2024
