M&A

M&A

Five banks line up to bid for Citi's India consumer businesses

Economic Times  

Five top lenders, including HDFC Bank and Kotak Mahindra Bank, are expected to submit binding bids for the Citi India consumer businesses before the October 26 deadline. Axis Bank, IndusInd Bank and DBS India are also in contention for the businesses that Citi is exiting in India. The US lender is reportedly seeking a valuation in excess of $2 billion. The Indian retail basket includes credit cards, deposit accounts, wealth management and a mortgage portfolio. Overall, Citibank's India unit had a market share of advances and deposits of 0.6% and 1.1%, respectively. In India, Citibank has more than 2.5 million retail customers, 1.2 million bank accounts and nearly 2.6 million credit cards. It reportedly lost more than 100,000 customers since announcing its exit.