Citigroup in advanced talks with Axis Bank over India unit sale - report

Mark Battersby
clock • 1 min read

Axis Bank is at an advanced stage to buying Citigroup's India retail banking business in a deal that could be valued at about $2.5bn, Bloomberg has reported. An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India, people familiar with the matter said. Bloomberg further said that Axis Bank emerged as the buyer after beating rivals, with factors such as job security for current Citigroup employees and competition concerns being taken into account, one source said. Last year, Citi announced plans t...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login