Citigroup has reportedly received takeover bids from three lenders for its consumer business in India.
According to the Economic Times report, Kotak Mahindra Bank, Axis Bank and IndusInd Bank has placed binding offers to buy the $2bn unit.
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The all-cash offers were submitted last week, the report added citing sources familiar with the development.
The American banking giant is expected to start negotiations with the lenders soon and will announce the winner in one or two months.
However, a Citi spokesperson declined to confirm the development.
The person was quoted by the Economic Times as saying: “Across our remaining strategy refresh markets, we are pursuing consumer franchise sales with a focus on optimal results for our people, our clients and our shareholders.
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By GlobalData“Conversations with potential buyers continue in all these markets including India, with strong interest from a broad range of bidders.”
Another source told the publication that DBS, ICICI Bank and HDFC Bank also explored submitting bids for Citi’s consumer business but eventually stepped back.
The consumer business includes credit cards, retail banking, home loans and wealth management.
Overall, the unit has 35 branches in the country and employs around 4,000 people.
In April, Citi announced its plans to exit 13 retail banking markets including India. The other markets were Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Recently, the bank said that it will shut down its retail banking business in South Korea. The decision was taken after its attempts to divest the business failed.
