- Axis Bank is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion
- An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the RBI
- The deal would include a cash component of less that $2 billion, accounting for the consumer’s business’s liabilities.
- Axis Bank emerged as the buyers with factors such as job security for current Citigroup employees and competition concerns being taken into account.
- Axis Bank will need around six months to merge its consumer business with Citigroup’s
Axis Bank Stock
Axis Bank Stock Rebounds Despite Posting Surprise Loss In March Quarter
Gold Silver Reports (GSR) – Axis Bank Stock Rebounds Despite Posting Surprise Loss In March Quarter – Shares of the Mumbai-based private sector lender rose as much as 5.88 percent, the most in over two months, to Rs 522.80. Axis Bank reported its first ever quarterly loss since listing as the bank accelerated recognition of bad loans, leading to a surge in provisions.