Axis Bank to complete acquisition of Citi group’s India businesses by 1st March


Mumbai : Axis Bank on Thursday informed the stock exchanges that the deal to acquire Citibank India’s consumer business and NBFC business of Citicorp is expected to be completed by March 1.

“We now wish to inform you that both Parties have made progress on integration and have obtained other requisite customer consents and approvals, as applicable. Based on the progress made till date, we estimate a reasonable possibility of completion of the acquisition by March 1, 2023, which is within the timeline of 12 months indicated earlier by us.” axis bank said in a regulatory filing.

This means by March 1, all the customers, employees and assets of Citi will be transferred to Axis Bank, and the Indian private sector lender will pay the consideration for the acquisition which is Rs 12,325 crore.

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