Axis Bank, a private sector lender, is expected to announce a deal to buy Citibank’s consumer business in India on Wednesday, according to a source familiar with the situation.
Citi had 68,747 crores in loans and 1.66 trillion in deposits in India as of March 31, 2021. According to Reserve Bank of India data, the country’s total number of credit cards was 2.55 million in February (RBI).
Citigroup announced in April of last year that it would abandon consumer businesses in 13 countries, including India, in order to focus on four wealth centers: Singapore, Hong Kong, the United Arab Emirates, and London. Citigroup stated that the decision, which was made as part of an ongoing strategic review, will allow the company to focus its assets and resources on the businesses with the most size and development potential.
Aside from India, the bank had opted to leave the retail sector in Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.