Axis Bank to buy Citi’s Indian consumer business for $1.6b

Axis Bank expects to gain more or less 3 million customers.

India’s Axis Bank is purchasing Citi’s consumer business assets in the country for approximately $1.62b (INR123.25b).

The deal covers all loans, credit cards, wealth management, and retail banking operations in India.

Axis Bank said that it expects to onboard around 3 million unique customers, and for its cards business to grow its balance sheets by 57% with an additional 2.5 million Citibank cards added–making it one of the top 3 cards businesses in India.

Axis Bank also stands to gain INR1,109b assets under management (AUM) from Citi Wealth & Private Banking products, which would make it India’s 3rd largest wealth management player by combined AUM.

The purchase will also add INR502b to Axis Bank’s deposits.

In terms of physical locations, Axis gains 7 offices, 21 branches, and 499 ATMs across 18 cities.