M&A

M&A

Axis Bank leads the race for Citi's India retail business

Business Line  

Private sector lender Axis Bank is leading the race for Citi's India retail business, with a final outcome expected in the coming weeks. Citigroup had, in April, announced its decision to exit its consumer banking operations in India as part of an ongoing strategic review. A handful of top domestic lenders, including Kotak Mahindra Bank, were interested in Citi's India retail business. Citi's consumer banking business in India includes banking, credit cards, home loans and wealth management. It had about three dozen branches and about 29 lakh retail customers as on March 31, 2020.