Axis Bank leads the acquisition race of Citi Bank's retail business
According to the reports, two more banks, Kotak Mahinda and IndusInd Bank were the part of the race.
The Private lender Axis Bank Limited which sells financial services to large and mid-size companies, SMEs, and retail businesses is probably to get the deal of Citi Bank India's retail business.
With the decision of quitting the business in India, Citi Bank is finalizing the buyer before this month-end. However, the business worth has been not disclosed but is estimated at around $1.5 to $ 2 billion. Citi Bank is all set to give away the retail and credit card assets.
There is no official statement that has been released yet, but Citi Bank reacted to the acquisition race and mentioned, "We continue to move forward with our process with respect to our India consumer business in accordance with our broader strategic refresh," according to the CNBC TV18 report.
However, Axis Bank has not issued any statement regarding the same. According to the reports, two more banks, Kotak Mahinda and IndusInd Bank were the part of race.
Citi introduced early innovations to India such as the ATM, credit card, 24-hour phone banking, internet banking, and instant SMS alerts.
Citi India is backed by a network spanning 98 markets across the world. The bank serves close to 2.5 million customers ranging from corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households, and individuals.