Axis Bank set to buy Citigroup’s India retail unitBloombergAxis Bank Ltd is nearing a deal to buy Citigroup Inc’s India retail banking business in a transaction that could be valued at about US$2.5 billion, people familiar with the matter said. The deal would include a cash component of less than US$2 billion, accounting for the consumer business’ liabilities, they said. Axis Bank would need about six months to merge its consumer business in the country with Citigroup’s, a different person said. Representatives for Axis Bank and Citigroup declined to comment. Axis Bank, India’s third-largest private-sector lender, has been trying to boost retail loans to tap pent-up demand after the first two waves of COVID-19.

Source: Taipei Times February 15, 2022 03:57 UTC