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March 30, 2022

Axis Bank nears deal to buy Citi’s India operations; announcement soon

Private banking group Axis Bank is all set to acquire Citi’s retail banking business in India, CNBC-TV18 reported citing sources. 

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The deal is expected to be valued at around $1.7bn and the firms could make an announcement soon, sources told the publication. 

As per the data from the Reserve Bank of India, Citi’s loans in India were valued at $9.05bn (INR677bn) and deposits stood at $21.27bn (INR1.66 trillion) as of 31 March 2021. 

Through the acquisition, Axis Bank seeks to increase its footprint across India and bolster its position in the credit card and mortgage market.  

With over 4,000 employees, Citi is said to operate 35 branches across the country and control nearly 4% of India’s credit card market.

Notably, other Indian private players such as Kotak Mahindra Bank were also in the race to buy Citi’s business, but Axis Bank emerged as the lead contender. 

Other factors such as job security of Citi employees and competition were also considered before making the final call.

Citi’s divesture is part of its plans to exit retail markets across Asia, EMEA and Mexico to focus more on investment banking.

Earlier this year, announced plans to close its consumer, small business and middle-market banking operations in Mexico.

The announcement followed Citi’s deal with DBS to divest its retail banking operations in Taiwan.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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