Citi completes sale of India consumer business to Axis Bank

Approximately 3,200 Citi employees have been transferred.

Citi has completed the sale of its India consumer business to Axis Bank.

The sale, first announced in March 2022, includes Citi’s credit cards, retail banking, wealth management, and consumer loans. Citi's institutional client businesses in India are excluded from the sale.

Approximately 3,200 Citi employees have also been transferred under the deal.

The transaction is expected to result in a regulatory capital benefit of US$1.4b, Citi said in a press release.

Citi has also completed the sale of its retail banking and consumer card business in Vietnam to UOB Group.